Dramatic advances in electricity storage
The first Tesla Gigafactory in Nevada, at full ramp up, was projected to, on its own, double the world’s total production of lithium ion batteries. In 2017 production began in Nevada and also at a second Gigafactory in New York state. Tesla and Panasonic are considering similar facilities in Europe and Asia.
Battery costs have dropped by three-quarters since 2010. Within another five years, lithium ion battery technology might be replaced. It’s too soon to say which of numerous technologies under development will take its place for electric vehicles. Electricity storage innovations for renewables-based power utilities and buildings are also advancing rapidly.