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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":734,"relatedVideos":735},112472513354991,"a9b98eb3-9b85-4fec-8714-77863120cc98","$200 billion needed to meet battery cell demand by 2030","200-billion-needed-to-meet-battery-cell-demand-by-2030","article/200-billion-needed-to-meet-battery-cell-demand-by-2030",{"_uid":547,"date":548,"tags":549,"editor":550,"content":560,"excerpt":712,"featured":50,"reporter":713,"_editable":717,"component":718,"seo_title":543,"categories":719,"visibility":726,"author_company":49,"featured_image":727,"seo_description":712,"author_full_name":49,"author_job_title":49,"formattedDate":732,"formattedArticleDate":733},"ca79c746-d0d8-4cfa-9ac6-6de6c622fac5","2022-07-29 00:00",[],[551],{"slug":552,"name":553,"content":554},"didi-bostock","Didi Bostock",{"job_title":555,"image":556,"bio":558,"linkedin":559},"Editor - Energy Transition & Economics",{"filename":557},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":561,"content":562},"doc",[563,570,575,580,585,590,595,602,607,612,617,622,627,632,637,642,647,652,657,662,667,672,677,682,687,692,697,702,707],{"type":564,"attrs":565,"content":566},"paragraph",{"textAlign":49},[567],{"text":568,"type":569},"The battery industry needs to invest $200 billion in gigafactories to meet the growing demand for electric vehicles and energy storage by 2030, according to an analysis by Benchmark.","text",{"type":564,"attrs":571,"content":572},{"textAlign":49},[573],{"text":574,"type":569},"The demand for lithium ion batteries is expected to increase six-fold by the end of the decade compared to 2021. Given that a factory takes at least two to three years to build, the $200 billion equates to nearly $29 billion every year to 2028.",{"type":564,"attrs":576,"content":577},{"textAlign":49},[578],{"text":579,"type":569},"Automakers from Tesla to Rivian have warned of an impending shortage of batteries, as sales of electric vehicles have remained strong this year despite Covid-19 lockdowns in China and rising energy prices globally.",{"type":564,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"type":569},"Global EV penetration is set to climb to 21% in 2025 from 13% this year, according to Benchmark’s Lithium ion Battery Database Forecast.",{"type":564,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":569},"Last year over $150 billion of investments were announced in battery gigafactories over a range of timescales. Yet without further investments in battery gigafactories in Europe and North America, these regions will remain dependent on imports from China to meet demand.",{"type":564,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":569},"“If Europe and North America want to become the centralised hubs for battery production then they will need to invest the majority of this amount,” Hanisha Tirumalasetty, an analyst at Benchmark said.",{"type":596,"attrs":597,"content":599},"heading",{"level":598,"textAlign":49},4,[600],{"text":601,"type":569},"Cost Variations ",{"type":564,"attrs":603,"content":604},{"textAlign":49},[605],{"text":606,"type":569},"By 2030, Benchmark forecasts that Europe will represent 27% of battery demand, but supply just 14% of the world’s batteries. For North America, the forecast is for 21% of demand and 13% of supply.",{"type":564,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":569},"This year Europe is expected to supply 7% of the market and North America 6%.",{"type":564,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":569},"European and North American gigafactories are, on average, 24% more expensive to build per gigawatt-hour than Chinese gigafactories, however.",{"type":564,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":569},"If Europe and North America wanted to meet all of their demand with their own battery capacity, they would need to invest an additional $76 billion and $70 billion by 2028, respectively, according to Benchmark.",{"type":564,"attrs":623,"content":624},{"textAlign":49},[625],{"text":626,"type":569},"“Both regions will look into making it completely domestic, and allow niche companies to rise up that are homegrown,” Tirumalasetty said.",{"type":564,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":569},"Automakers in both Europe and the US are increasingly becoming involved in investing in battery cell production. Gigafactories with automaker involvement are forecast to make up 42% of EU cell production and 76% of North American production by 2030, according to Benchmark’s Lithium ion Battery Database.",{"type":564,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":569},"However, to grow their gigafactory capacities rapidly may require the involvement of Chinese partners with existing expertise, Tirumalasetty said. It will also require investment in upstream capacities and raw materials.",{"type":564,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":569},"“There is more talk about ambition to meet battery production demand but the major issue is going to be how to secure the raw materials,” she said.",{"type":596,"attrs":643,"content":644},{"level":598,"textAlign":49},[645],{"text":646,"type":569},"China’s Dominance ",{"type":564,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":569},"China builds battery gigafactories at the lowest costs, according to Benchmark. Nine out of the ten cheapest gigafactories, as measured by dollars per GWh, are in China, as assessed by Benchmark.",{"type":564,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":569},"CATL, China’s biggest producer, builds factories around 5% to 10% cheaper than the Chinese average.",{"type":564,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":569},"China is set to supply 69% of the global battery market in 2030, despite accounting for 35% of demand, suggesting Chinese batteries will be exported to other markets.",{"type":564,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":569},"Gigafactories elsewhere in Asia are, on average, 58% more expensive than their Chinese counterparts.",{"type":564,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":569},"“Japan and Korea tend to be more expensive to build in,” Caspar Rawles, Benchmark’s chief data officer, said. “The wages are high, land cost is high, and they need to be earthquake proof.”",{"type":596,"attrs":673,"content":674},{"level":598,"textAlign":49},[675],{"text":676,"type":569},"Size Matters",{"type":564,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":569},"Economies of scale mean larger plants generally enjoy lower capital intensities than smaller plants. One of the largest plants tracked by Benchmark in the gigafactory pipeline is Baofeng Energy’s 200 GWh Yinchuan plant. It also has one of the lowest capital intensities, 13% lower than the Chinese average.",{"type":564,"attrs":683,"content":684},{"textAlign":49},[685],{"text":686,"type":569},"For CATL, the trend is clear. Their largest factories are the most capital efficient, with some costing just 60% the Chinese average. Generally their smallest plants as less capital efficient costing 1.5 times the average.",{"type":564,"attrs":688,"content":689},{"textAlign":49},[690],{"text":691,"type":569},"In China, the size of battery gigafactories has risen in recent years. The average gigafactory in China that began operating prior to 2021 had a capacity under 20 GWh. But for those due to begin operating in 2022, this capacity is 26 GWh, rising to over 40 GWh by 2025.",{"type":596,"attrs":693,"content":694},{"level":598,"textAlign":49},[695],{"text":696,"type":569},"Capacity utilisation",{"type":564,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":569},"Although China is cheaper per GWh of capacity built, Chinese operators tend to use less of the installed capacity. “China builds capacities, they don’t focus on utilisation rates,” said Tirumalasetty.",{"type":564,"attrs":703,"content":704},{"textAlign":49},[705],{"text":706,"type":569},"Chinese gigafactories tend to reach utilisation rates of around 65% after five years of operation, compared to around 80% for those built elsewhere. A slight increase in utilisation is expected for Tier 1 suppliers compared to Tier 2 and 3.",{"type":564,"attrs":708,"content":709},{"textAlign":49},[710],{"text":711,"type":569},"Even accounting for the lower utilisation rates, China remains cheaper than the rest of the world per GWh of output.","The battery industry needs to invest $200 billion in gigafactories to meet the growing demand for electric vehicles and energy storage by 2030, according to an analysis by Benchmark. The demand for lithium ion batteries is expected to increase six-fold by the end of the decade compared to 2021. 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