The company estimates it will take three years to permit and build the graphite manufacturing facility and on average, the plant would produce about 49,615 tonnes of anode material per year.
They aim to produce 40 GW-hours of batteries annually at the plant — enough for more than 700,000 EVs, based on the IEA’s estimate.
Musk made his comments as Europe is grappling with its worst energy crisis in decades.
The UK's lithium-ion battery fleet currently has about 1.9 gigawatts of capacity and will more than quadruple by the end of the decade.
Miners operating in Europe say prospects for getting projects underway look uncertain because of a lengthy permitting framework and fervent local opposition.
China is one of the world’s major vehicle-battery production centers but seems to have lagged behind other countries in terms of handling emissions in the manufacturing process.
The soaring profits unveiled by Australian miners this week were a beacon of light amid the gloom dominating economic headlines.
China's output of the main battery cathode materials nearly doubled in 2021.
Key moves in the mining sector.
Raw material costs have more than doubled since Elon Musk said Tesla will produce 20 million vehicles per year before 2030.