Workers are seen in the production line of lithium-ion batteries for electric vehicles (EV) in a factory in Huzhou, Zhejiang Province, China.
Reuters
According to Goldman Sachs analysts, in a March 18 note, two Chinese battery manufacturers will increase as global demand for electric car batteries can multiply by about 30 times in the next 20 years.
The firm updated its sales forecast in Europe and the United States: analysts now expect 47%, or nearly half, of all vehicles sold worldwide by 2040 to be electric, which will increase demand for batteries.
If sales end up surpassing that base scenario, there could even be a battery shortage in 2025, according to the report.
Here are the numbers behind the more than 70% gains Goldman predicts for at least one Chinese battery company: