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producers cut back on investments as EV growth rate slows","battery-producers-cut-back-on-investments-as-ev-growth-rate-slows","article/battery-producers-cut-back-on-investments-as-ev-growth-rate-slows",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":674,"featured":51,"reporter":675,"_editable":679,"component":680,"seo_title":553,"categories":681,"visibility":691,"author_company":49,"featured_image":692,"seo_description":674,"author_full_name":49,"author_job_title":49,"formattedDate":697,"formattedArticleDate":698},"d2324953-e99c-4b7c-9ed6-285c1130e9e5","2023-12-07 00:00",[560],{"slug":561,"name":562},"ev-demand","EV demand",[564],{"slug":565,"name":566,"content":567},"didi-bostock","Didi Bostock",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Editor - Energy Transition & Economics",{"filename":570},"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":574,"content":575},"doc",[576,583,588,603,608,613,618,625,634,639,644,649,654,659,664,669],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Several large battery and electric vehicle manufacturers are pushing back or cancelling investments in new facilities, as demand for electric vehicles slows in key markets. ","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"Ford is delaying $12 billion in EV investments and has cancelled a planned battery plant with LG Energy Solution (LGES) in Turkey. And Honda, General Motors, and Volkswagen have all delayed, discontinued, or cancelled plans for new EV production. ",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591,593,601],{"text":592,"type":582},"Late October and early November saw consistently limited battery gigafactory capacity commitments globally, with only two new plants added, according to Benchmark’s ",{"text":594,"type":582,"marks":595},"Gigafactory Assessment",[596],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities/","url",{"text":602,"type":582},".",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"Slowing growth in EV demand, rising costs of production, and macroeconomic factors explain the slowdown in gigafactory investments. Higher interest rates, for example, make leasing EVs more expensive for consumers and also increase the cost of capital for new battery projects.  ",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"Outside of China, the EV market is also dependent on early adopters, who are becoming more price sensitive, according to Luke Gear, principal analyst for batteries and EVs at Benchmark. This year, the share of EVs in new car sales will be around 21% in Europe, 9% in the US and 35% in China, according to data from Rho Motion. ",{"type":577,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":582},"“It is safe to say most of the world is still in the early adopter range of 13.5%-34%, with China only just leaving it. The growth slowdown is more driven by challenging economic conditions, such as high inflation and interest rates, which are making early adopters more price sensitive,” he said. ",{"type":619,"attrs":620,"content":622},"heading",{"level":621,"textAlign":49},4,[623],{"text":624,"type":582},"Slowing demand growth",{"type":577,"attrs":626,"content":627},{"textAlign":49},[628],{"type":629,"attrs":630},"image",{"id":49,"alt":631,"src":632,"title":49,"source":49,"copyright":49,"meta_data":633},"","https://a.storyblok.com/f/287943243085208/0b2d8f481c/bm-global-ev-sales-growth-rho-motion.png",{},{"type":577,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":582},"Sales of EVs, as well as plug-in hybrid vehicles, have grown 32% in 2023, according to data from Rho Motion. Though sales have increased, they have done so at a slower rate than over the past three years. ",{"type":577,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":582},"“Global EV sales are set to grow around 30% this year, which is a decline from around 60% in 2022. However, this still represents a new record, with over 13 million battery-electric and plug-in hybrid cars sold in 2023,” according to Gear.",{"type":619,"attrs":645,"content":646},{"level":621,"textAlign":49},[647],{"text":648,"type":582},"Rising costs",{"type":577,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":582},"For battery producers, higher capital expenditure is a key issue. A joint venture battery plant between LGES and Hyundai in the state of Georgia was estimated to require $4.3 billion in May, a figure that was revised to $7.6 billion in September. ",{"type":577,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":582},"Higher wages, following strike action by the United Auto Workers (UAW) this year, adds further to costs. General Motors, Stellantis and Ford all agreed to provide a 25% wage increase to resolve the strike in October. ",{"type":577,"attrs":660,"content":661},{"textAlign":49},[662],{"text":663,"type":582},"In September, Ford said it would delay construction at its battery plant in Michigan with China’s CATL as a result of delays brought on by the United Auto Workers strikes. ",{"type":577,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":582},"In late October, Ford also announced that construction on its JV cell plant with SKI in Glendale, Kentucky, US, had been delayed, again due to falling EV demand.",{"type":577,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":582},"”Rising inflation and higher labour costs following UAW agreements has meant higher capital expenditure than expected. Combined with legacy automakers still loss-making on EVs, further investment has been delayed to limit losses in the short term. Higher costs, along with slower than expected demand growth for EVs, has led OEMs to revise their targets and delay investment,” said Aran Waid, a Senior Battery Analyst at Benchmark. ","Several large battery and electric vehicle manufacturers are pushing back or cancelling investments in new facilities, as demand for electric vehicles slows in key markets. Ford is delaying $12 billion in EV investments and has cancelled a planned battery plant with LG Energy Solution (LGES) in Turkey. And Honda, General Motors, and Volkswagen have all […]",[676],{"slug":565,"name":566,"content":677},{"job_title":568,"image":678,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"d2324953-e99c-4b7c-9ed6-285c1130e9e5\", \"id\": \"\"}-->","article",[682,685,688],{"slug":683,"name":684},"batteries","Batteries",{"slug":686,"name":687},"ev","EV",{"slug":689,"name":690},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":693,"name":631,"focus":631,"title":693,"source":631,"filename":694,"copyright":631,"fieldtype":695,"meta_data":696,"is_external_url":51},"Tesla Gigafactory","https://a.storyblok.com/f/287943243085208/2993b6fc5b/bm-tesla-gigafactory-4-dji-0336.jpg","asset",{"alt":693,"title":693,"source":631,"copyright":631},"Dec 07, 2023","7th December 2023",[],[],1792773907304]