Bernstein | Battery Weekly: EVs Displaced 2.3 Million b/d of Oil; US Battery Capacity Jumps to 70 GWh
Summaries are public. PDF access requires an active membership; all members have the same access. Sign in
Bernstein reports that global electric vehicles displaced 2.3 million barrels per day of oil consumption in 2025. According to BNEF, this figure could more than double to 5.25 million barrels per day by 2030. China's electric vehicle sales share exceeded 50% in 2025, potentially saving the country over USD 28 billion annually in oil import costs. Meanwhile, 39 countries now have electric vehicle sales penetration above 10%, compared to just four in 2019.
In the United States, battery manufacturing capacity has surged from 7 gigawatt-hours in 2023 to approximately 70 gigawatt-hours. This capacity is now sufficient to meet all domestic energy storage system demand, driven primarily by artificial intelligence data center requirements. Cell manufacturing is projected to grow fivefold by the end of 2026, exceeding domestic needs.
Korean battery manufacturers are pivoting toward the energy storage market amid slowing US electric vehicle demand. LG Energy Solution will supply USD 4.3 billion of LFP prismatic batteries to Tesla for Megapack 3 production in Houston. Samsung SDI has secured additional US energy storage orders and converted three of four production lines at its Indiana joint venture with Stellantis to energy storage. SK On aims to secure at least 10 gigawatt-hours of US storage contracts this year.
In Asia, CATL's Hong Kong listed shares surged approximately 39%, resulting in a 48% premium over its A-shares, propelled by strong earnings and storage growth. POSCO Future M secured a KRW 1.01 trillion synthetic graphite order and will invest in a Vietnamese anode plant.