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expansions","china-to-oversee-lfp-resurgence-as-it-doubles-down-on-ev-battery-cathode-expansions","article/china-to-oversee-lfp-resurgence-as-it-doubles-down-on-ev-battery-cathode-expansions",{"_uid":547,"date":548,"tags":549,"editor":553,"content":563,"excerpt":708,"featured":50,"reporter":709,"_editable":713,"component":714,"seo_title":543,"categories":715,"visibility":722,"author_company":49,"featured_image":723,"seo_description":708,"author_full_name":49,"author_job_title":49,"formattedDate":728,"formattedArticleDate":729},"4b788795-62b5-453a-8441-0b513dcf7c53","2020-02-21 00:00",[550],{"slug":551,"name":552},"china","China",[554],{"slug":555,"name":556,"content":557},"didi-bostock","Didi Bostock",{"job_title":558,"image":559,"bio":561,"linkedin":562},"Editor - Energy Transition & Economics",{"filename":560},"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":564,"content":565},"doc",[566,583,588,601,606,611,616,623,628,633,638,651,656,661,666,671,686,691,696],{"type":567,"attrs":568,"content":569},"paragraph",{"textAlign":49},[570,573,581],{"text":571,"type":572},"With the news that ","text",{"text":574,"type":572,"marks":575},"Tesla will be using lithium iron phosphate (LFP) cathode cells in standard range Model 3 electric vehicles in China",[576],{"type":577,"attrs":578},"link",{"href":579,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/lfp-prismatic-cells-at-core-of-teslas-china-strategy","url",{"text":582,"type":572},", questions have been raised: what does the future of the cathode market look like?",{"type":567,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":572},"Tesla’s dominant battery cells are cylindrical and NCA (nickel, cobalt, aluminium) cathode chemistry, which it produces at the Gigafactory 1 in Nevada in partnership with Panasonic.",{"type":567,"attrs":589,"content":590},{"textAlign":49},[591,593,599],{"text":592,"type":572},"What also went under the radar in this discussion is that Tesla is moving to ",{"text":594,"type":572,"marks":595},"NCM811 cells produced by LG Chem",[596],{"type":577,"attrs":597},{"href":598,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/tesla-eyes-lg-chems-811-for-chinese-made-evs",{"text":600,"type":572}," for its long-range Model 3s in China, increasing the company’s cobalt intensity and nickel demand.",{"type":567,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":572},"Yet it is China’s CATL that will likely be the rainmaker for Tesla’s new LFP venture as it develops a specific prismatic cell for the Model 3, one that many believe will be Tesla’s first cell-to-pack design, cutting out the module step in the EV production process.",{"type":567,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":572},"Considering the size and format shape of prismatic battery cells, this is the likely future for the Model 3 in China.",{"type":567,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":572},"The move also shows that many have underestimated the chemistry’s future, which many was purported to lie in stationary storage only.",{"type":617,"attrs":618,"content":620},"heading",{"level":619,"textAlign":49},6,[621],{"text":622,"type":572},"Cost is King",{"type":567,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":572},"The clearest advantage of LFP over NCA and NCM (nickel, cobalt, manganese) chemistries is that it is a significant lower-cost technology. With the expansion to LFP fundamentally driven by this.",{"type":567,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":572},"LFP for example can sell for as low as $8/kWh with an average large contract range in the $10-12/kWh, offering a 60% cost saving compared with NCA cathode which is on average sells for $26-30/kWh.",{"type":567,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":572},"LFP also offers greater thermal stability and cycle life than NCM and NCA batteries. But this comes at the expense of lower energy density than its cathode rivals, which is not as attractive to western automotive OEMs which are continually looking to increase the energy density of their batteries and thus range of their electric vehicles.",{"type":567,"attrs":639,"content":640},{"textAlign":49},[641,643,649],{"text":642,"type":572},"However, Tesla’s approach to the Chinese market shows that it is a ‘horses-for-courses’ situation for the world’s more nuanced EV markets like China and, one would expect, a future strategy for the ",{"text":644,"type":572,"marks":645},"Indian EV market",[646],{"type":577,"attrs":647},{"href":648,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://source.benchmarkminerals.com/article/electric-india",{"text":650,"type":572},".",{"type":617,"attrs":652,"content":653},{"level":619,"textAlign":49},[654],{"text":655,"type":572},"LFP Signals Were Visible",{"type":567,"attrs":657,"content":658},{"textAlign":49},[659],{"text":660,"type":572},"Despite NCM taking the cathode limelight since 2016, there have been signs of an LFP resurgence.",{"type":567,"attrs":662,"content":663},{"textAlign":49},[664],{"text":665,"type":572},"During 2017 and 2018 demand for NCM and NCA increased on the back of preferential subsidies, whereas LFP demand increased but at a lesser rate.",{"type":567,"attrs":667,"content":668},{"textAlign":49},[669],{"text":670,"type":572},"However, LFP has benefited from China’s 2019 subsidy reduction as its lower costs and recent improvements in energy density have again made it an attractive proposition for OEMs.",{"type":567,"attrs":672,"content":673},{"textAlign":49},[674,676,678,680,685],{"text":675,"type":572},"In this environment, ",{"text":677,"type":572},"Benchmark ",{"text":679,"type":572},"is forecasting LFP production capacity in 2020 to increase by 12% from last year, with all expansions located in China. Looking at the longer-term picture LFP currently accounts for 38% worldwide cathode capacity expansion plans, all of which are also located in China ",{"text":681,"type":572,"marks":682},"[Data: Benchmark Minerals Cathode Market Assessment]",[683],{"type":684},"italic",{"text":650,"type":572},{"type":567,"attrs":687,"content":688},{"textAlign":49},[689],{"text":690,"type":572},"These expansions have been driven by significant investments made globally over the last 12 months and is a trend that is set to continue throughout the 2020s. These expansions will of course be tied to the fortunes of EV demand.",{"type":567,"attrs":692,"content":693},{"textAlign":49},[694],{"text":695,"type":572},"Despite many market participants believing LFP’s day had come and gone, its recent resurgence underlines the space for which the many different cathode chemistries can cater to multiple emerging EV models and markets around the world.",{"type":567,"attrs":697,"content":698},{"textAlign":49},[699,701,707],{"text":700,"type":572},"Data in this article was taken from the Benchmark Minerals Cathode Market Assessment. ",{"text":702,"type":572,"marks":703},"Fill in this contact form to subscribe",[704],{"type":577,"attrs":705},{"href":706,"uuid":49,"anchor":49,"target":49,"linktype":580},"https://www.benchmarkminerals.com/contact/",{"text":650,"type":572},"With the news that Tesla will be using lithium iron phosphate (LFP) cathode cells in standard range Model 3 electric vehicles in China, questions have been raised: what does the future of the cathode market look like? Tesla’s dominant battery cells are cylindrical and NCA (nickel, cobalt, aluminium) cathode chemistry, which it produces at the […]",[710],{"slug":555,"name":556,"content":711},{"job_title":558,"image":712,"bio":561,"linkedin":562},{"filename":560},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"4b788795-62b5-453a-8441-0b513dcf7c53\", \"id\": \"\"}-->","article",[716,719],{"slug":717,"name":718},"batteries","Batteries",{"slug":720,"name":721},"critical-minerals","Critical Minerals","private",{"id":49,"alt":724,"name":724,"focus":724,"title":724,"source":724,"filename":725,"copyright":724,"fieldtype":726,"meta_data":727,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/fae3a743d1/bm-china-cathode-lfp-copy.jpg","asset",{"alt":724,"title":724,"source":724,"copyright":724},"Feb 21, 2020","21st February 2020",[],[],1786723803704]