The CEO of the American electric vehicle and clean energy company, Tesla, Elon Musk, has revealed that the importance of batteries in the future is as important as today’s oil.

Elon Musk stated this on Monday while responding to a Twitter post on social media by an electric car enthusiast.

According to him, batteries are just as important for future transportation as oil is for current transport.

“In the future of electric, batteries are as important to transportation as today’s oil.” – Elon Musk

This is a powerful statement, and it’s important to remember that the battery is the most expensive part of an electric vehicle. And, as technology advances, that cost will decrease over time.

Almost all-electric vehicle battery production is now done by Asian businesses, many of which are based in China, according to this piece, which also included an infographic from SNE Research demonstrating that the world’s top ten battery producers are all based in China. China owns 44.1 percent of the worldwide electric vehicle battery market in Asia.

Elon Musk is a business mogul and entrepreneur. He is the founder, CEO, and Chief Engineer of SpaceX; an early-stage investor, Tesla’s CEO, and Product Architect; the founder of The Boring Company; and a co-founder of Neuralink and OpenAI.

His Tesla company is the largest electric car manufacturer in the world that is based in Palo Alto, California. Tesla creates electric vehicles, battery energy storage from the home to the grid, solar panels and solar roof tiles, as well as other products and services.