According to Charged EVs, this should account for about 6.388 GWh worth of battery capacity, which is 68% higher compared to last year.

At the same time, Benchmark Mineral Intelligence reports that North America and Europe planned 11 and 8 battery factories respectively since this time last year in order to catch up with China when it comes to the development of the power resource for EVs.

Automakers own quite a few of these plants and General Motors is investing 7 billion USD in four Michigan battery plants, while Ford invests 11.4 billion in three battery factories based in Tennessee and Kentucky. Additionally, the American company is also planning a battery plant in Turkey that will be developed with some partners.

Despite these efforts, China remains the dominant market when it comes to the production of batteries, with around 75% of all the facilities tracked by Benchmark's Gigafactory Assessment being in China.

By the turn of the next decade, the country is expected to have 226 operational battery plants, representing 4.500 GWh of annual output, which translates to 70% of the global capacity.

Hanisha Tirumalasetty, Benchmark analyst, stated that "within the last year, with a push to achieve net zero goals and major OEMs and automakers looking to accelerate the electrification of their businesses, announcements for new gigafactories have picked up pace, with Benchmark adding over 100 new cell plants to its assessment since April 2021."