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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":795,"relatedVideos":796},112469475349772,"35a3b106-6d12-4f8d-abca-3725d5ddecfd","CATL looks to overseas markets amid domestic battery oversupply","catl-looks-to-overseas-markets-amid-domestic-battery-oversupply","article/catl-looks-to-overseas-markets-amid-domestic-battery-oversupply",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":770,"featured":51,"reporter":771,"_editable":775,"component":776,"seo_title":543,"categories":777,"visibility":784,"author_company":49,"data_vis_image":785,"featured_image":789,"seo_description":770,"author_full_name":49,"author_job_title":49,"formattedDate":793,"formattedArticleDate":794},"bdf5b0aa-8c42-49d6-8ac4-c3ffc60ca671","2024-06-07 00:00",[550,553,556],{"slug":551,"name":552},"catl","CATL",{"slug":554,"name":555},"china","China",{"slug":557,"name":558},"data-visualisation","Data Visualisation",[560],{"slug":561,"name":562,"content":563},"didi-bostock","Didi Bostock",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Editor - Energy Transition & Economics",{"filename":566},"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":570,"content":571},"doc",[572,579,584,589,604,609,612,619,624,638,643,648,658,663,668,673,678,683,688,693,712,717,736,741,746,751,756,761],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"CATL’s founder and chairman, Robin Zeng Yuqun, recently issued an internal letter urging the world’s largest battery maker to “harvest” overseas markets. This comes as China’s domestic market faces concerns around overcapacity.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582],{"text":583,"type":578},"CATL will look to meet growing ex-China battery demand through its production base in China but could look to international production expansions as it targets overseas markets.",{"type":573,"attrs":585,"content":586},{"textAlign":49},[587],{"text":588,"type":578},"Its rise to become the world’s largest cell producer has seen CATL focus expansions in China, taking advantage of its home country’s capex and opex advantages, but this has left it with a small international gigafactory footprint. ",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592,594,602],{"text":593,"type":578},"In 2023, just 1% of CATL’s cell production came from outside of China according to analysis from Benchmark’s ",{"text":595,"type":578,"marks":596},"Lithium ion Battery Database",[597],{"type":598,"attrs":599},"link",{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/forecasts/lithium-ion-batteries/reports/","url",{"text":603,"type":578},", highlighting the opportunities for the company to expand production in other regions. ",{"type":573,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":578},"“CATL is beginning to focus more now on expansion into European and North American markets in order to provide further local supply to its customers, and reduce reliance on an oversupplied domestic market,” according to Anya Sidhu, an analyst at Benchmark.",{"type":573,"attrs":610,"content":611},{"textAlign":49},[],{"type":613,"attrs":614,"content":616},"heading",{"level":615,"textAlign":49},4,[617],{"text":618,"type":578},"How does CATL’s domestic and international capacities compare? ",{"type":573,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":578},"CATL’s existing capacity is predominantly based in China.",{"type":573,"attrs":625,"content":626},{"textAlign":49},[627,629,636],{"text":628,"type":578},"In 2023, CATL had 490 GWh of production capacity across 17 operating gigafactories (including joint ventures), with all but one in China according to Benchmark’s ",{"text":595,"type":578,"marks":630},[631,633],{"type":598,"attrs":632},{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},{"type":598,"attrs":634},{"href":635,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://www.benchmarkminerals.com/market-assessments/gigafactory-assessment/capacities/",{"text":637,"type":578},". ",{"type":573,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":578},"Its current expansions, however, will see its share of international production grow. By 2030 its capacity is set to rise to almost 1.1 TWh, with just over a tenth of this coming from gigafactories outside of China.",{"type":613,"attrs":644,"content":645},{"level":615,"textAlign":49},[646],{"text":647,"type":578},"Why is Zeng calling for CATL to expand to other markets?",{"type":573,"attrs":649,"content":650},{"textAlign":49},[651,653,657],{"text":652,"type":578},"In 2024, China is set to be the only region with a battery market in surplus, standing at almost 500 GWh, according to Benchmark’s ",{"text":595,"type":578,"marks":654},[655],{"type":598,"attrs":656},{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":637,"type":578},{"type":573,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":578},"A significant portion of Chinese oversupply will come from Tier 2 and 3 producers which are unable to supply Western EV markets. ",{"type":573,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":578},"As a Tier 1 producer, CATL is able to meet this demand and already has extensive agreements with North American and European automakers. ",{"type":573,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":578},"To maintain its market-leading role and meet the demands of Western OEMs the most obvious next steps are for CATL to develop more capacity closer to its end customers. ",{"type":613,"attrs":674,"content":675},{"level":615,"textAlign":49},[676],{"text":677,"type":578},"What are the challenges facing CATL’s international expansion?",{"type":573,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":578},"While CATL has begun to develop its international footprint, geopolitical tensions are making it more difficult for Chinese producers to establish production in Western regions. ",{"type":573,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":578},"Localisation, or ‘de-risking’, policies may affect CATL’s international ambitions. Legislation such as the US’ Inflation Reduction Act and the EU’s Critical Raw Materials Act (CRMA) seek to reduce China’s influence on the battery value chain. ",{"type":573,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":578},"The US is more hostile to Chinese companies than the EU. Clauses, such as the IRA’s Foreign Entity of Concern (FEOC), specifically penalise Chinese-owned companies. ",{"type":573,"attrs":694,"content":695},{"textAlign":49},[696,698,704,706,710],{"text":697,"type":578},"CATL is currently ",{"text":699,"type":578,"marks":700},"developing a gigafactory",[701],{"type":598,"attrs":702},{"href":703,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/ford-to-build-3-5-billion-us-lfp-battery-plant-using-catl-technology",{"text":705,"type":578}," in partnership with Ford in Michigan, US, which is forecast to begin production of LFP cells in 2027, according to Benchmark’s ",{"text":595,"type":578,"marks":707},[708],{"type":598,"attrs":709},{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":711,"type":578},". Zeng has previously said that the plant has been developed to abide by the FEOC legislation so will not be affected by the policy, but there has been controversy in the US over CATL’s role in the project.",{"type":573,"attrs":713,"content":714},{"textAlign":49},[715],{"text":716,"type":578},"The EU is more accommodating. CATL’s only operating facility outside of China is in Erfurt, Germany which is forecast to have a capacity of 14 GWh in 2025. The company is also expected to begin production at its Debrecen facility in Hungary next year.",{"type":573,"attrs":718,"content":719},{"textAlign":49},[720,722,728,730,734],{"text":721,"type":578},"Europe is attracting investment from other Chinese companies as well. By 2030, it is forecast that ",{"text":723,"type":578,"marks":724},"33% of cells produced in Europe",[725],{"type":598,"attrs":726},{"href":727,"uuid":49,"anchor":49,"target":49,"linktype":601},"https://source.benchmarkminerals.com/article/chinese-owned-companies-to-produce-one-third-of-european-battery-cells-by-2030",{"text":729,"type":578}," will come from Chinese-owned operations, according to Benchmark’s ",{"text":595,"type":578,"marks":731},[732],{"type":598,"attrs":733},{"href":600,"uuid":49,"anchor":49,"target":49,"linktype":601},{"text":735,"type":578},".",{"type":613,"attrs":737,"content":738},{"level":615,"textAlign":49},[739],{"text":740,"type":578},"Case Study: China’s CATL vs South Korea’s LGES",{"type":573,"attrs":742,"content":743},{"textAlign":49},[744],{"text":745,"type":578},"CATL reflects a broader trend in the battery market, where Chinese producers have concentrated on domestic gigafactory expansions. ",{"type":573,"attrs":747,"content":748},{"textAlign":49},[749],{"text":750,"type":578},"Its international peers, particularly South Korean producers, mostly expanded overseas, with limited production capacity in their home countries. ",{"type":573,"attrs":752,"content":753},{"textAlign":49},[754],{"text":755,"type":578},"For example, last year 99% of CATL’s gigafactory capacity was located within China, where the company is based. This is in stark contrast to South Korea’s LG Energy Solution (LGES), another Tier 1 battery manufacturer, which has just 8% of its capacity located domestically.",{"type":573,"attrs":757,"content":758},{"textAlign":49},[759],{"text":760,"type":578},"The overall trend is set to continue, although CATL will make inroads into international markets. By 2030, CATL is forecast to increase 12% of its battery capacity located overseas and LGES will also increase its international capacity further to 94%.",{"type":573,"attrs":762,"content":763},{"textAlign":49},[764],{"type":765,"attrs":766},"image",{"id":49,"alt":767,"src":768,"title":49,"source":49,"copyright":49,"meta_data":769},"","https://a.storyblok.com/f/287943243085208/2d177881f6/bm-case-study-catl-vs-lges.png",{},"CATL’s founder and chairman, Robin Zeng Yuqun, recently issued an internal letter urging the world’s largest battery maker to “harvest” overseas markets. This comes as China’s domestic market faces concerns around overcapacity. CATL will look to meet growing ex-China battery demand through its production base in China but could look to international production expansions as […]",[772],{"slug":561,"name":562,"content":773},{"job_title":564,"image":774,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"bdf5b0aa-8c42-49d6-8ac4-c3ffc60ca671\", \"id\": \"\"}-->","article",[778,781],{"slug":779,"name":780},"batteries","Batteries",{"slug":782,"name":783},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":767,"name":767,"focus":767,"title":767,"source":767,"filename":786,"copyright":767,"fieldtype":787,"meta_data":788,"is_external_url":51},"https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1717751781/www-production/Case-study-CATL-vs-LGES-no-Y-axis/Case-study-CATL-vs-LGES-no-Y-axis.png?_i=AA","asset",{"alt":767,"title":767,"source":767,"copyright":767},{"id":49,"alt":790,"name":767,"focus":767,"title":790,"source":767,"filename":791,"copyright":767,"fieldtype":787,"meta_data":792,"is_external_url":51},"A factory under construction","https://a.storyblok.com/f/287943243085208/3f0def7774/bm-catl-looks-to-overseas-markets-amid-domestic-oversupply.jpg",{"alt":790,"title":790,"source":767,"copyright":767},"Jun 07, 2024","7th June 2024",[],[],1780500949256]