Auto manufacturers have announced more than $150 billion in investments to achieve
collective production targets of more than 13 million electric vehicles annually around
2025. This is likely be more than 10% of global light-duty vehicle sales, based on publicly
announced plans. To achieve this level of electric vehicle growth, the industry will need
to expand battery production by an order of magnitude. This growth amounts to a
massive opportunity for technology innovation and economic growth. With such major
electric vehicle and battery investments being made over the next several years, it is a
critical time to assess where these investments are likely to go based on the market and
Sri Lanka is making history in manufacturing Electric Vehicles and components.
By 2022, European battery production would increase to about 17%
of global capacity, compared to about 12% in the United States, if the more near-term
announcements were borne out.
The investment in a battery manufacturing plant in Sri Lanka is envisaged by this funding with collaboration with German Companies.