Gigafactories Ride the Electric Wave: Investments Surge Amid EV Battery Revolution

NEW DELHI--February 13, 2024--Researched by Industrial Info Resources (Sugar Land, Texas)--With global sales of electric vehicles (EVs) soaring and witnessing a positive trend, it is clear that the era of sustainable transportation is accelerating. As the automotive industry transitions to EV manufacturing, demand for batteries and charging infrastructure also is on the rise. Gigafactories, a concept popularized in the late 2000s by Elon Musk, chief executive officer of Tesla Incorporated (NASDAQ:TSLA) (Austin, Texas), are designed to concentrate the production of batteries and components at one site.

Industrial Info is tracking 54 active capital-spending projects globally, worth US$39 billion, aimed at the construction and expansion of gigafactories.