Totally agree - The volume of batteries required for even modest EV production is so much larger than any other sector. I also think the idea that EV batteries

Totally agree - The volume of batteries required for even modest EV production is so much larger than any other sector. I also think the idea that EV batteries are just around the corner from commoditization may be a bit premature. Getting the most out of the batteries (think efficiently, power, and especially reliability) currently means a pretty significant engineering integration effort in power electronics, packaging, and thermal management. Having your own vertically integrated production capacity is huge - you get to precisely control (and also pay the risk for) exactly the batteries that fit your design. It’s exactly the same kind of advantage legacy automakers are defending with ICE engines. In 5 years, perhaps there will be contract battery manufacturers who can churn out massive quantities of high quality batteries at a price similar to building your own factory. I bet that timeframe may actually be closer to 10 years. Clearly Tesla isn’t sitting still... where will they be a decade from now.