Automakers are racing to convert their fleets to electric vehicles. By 2030, global automakers want to be producing 40 million or more EVs a year, half the global fleet. That’s sparked a secondary race among established companies and startups to supply them with batteries.
The factories where those batteries are built have come to be called gigafactories, a term coined by Tesla CEO Elon Musk in 2013 when he announced plans for a facility in Nevada that would make as many batteries as the entire industry was producing globally at the time.
