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the global chip shortage threaten the EV production ramp up?","does-the-global-chip-shortage-threaten-the-ev-production-ramp-up","article/does-the-global-chip-shortage-threaten-the-ev-production-ramp-up",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":707,"featured":50,"reporter":708,"_editable":712,"component":713,"seo_title":553,"categories":714,"visibility":721,"author_company":49,"featured_image":722,"seo_description":707,"author_full_name":49,"author_job_title":49,"formattedDate":727,"formattedArticleDate":728},"c80ae8d4-df0a-4e73-ad36-cefb1d7113ec","2021-06-03 00:00",[],[561],{"slug":562,"name":563,"content":564},"didi-bostock","Didi Bostock",{"job_title":565,"image":566,"bio":568,"linkedin":569},"Editor - Energy Transition & Economics",{"filename":567},"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":571,"content":572},"doc",[573,580,585,590,595,600,607,612,617,622,627,632,637,642,647,652,657,662,667,672,677,682,687,692,697,702],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577],{"text":578,"type":579},"A shortage of semiconductors, vital microchips used in vehicles and various household technologies, is impacting vehicle production, with the scarcity set to continue into at least the second half of this year.","text",{"type":574,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"type":579},"Cancelled chip orders on expectations of limited demand have resulted in a shortage of supply after the faster-than-expected bounce back of the auto industry in the months following the peak of the coronavirus pandemic.",{"type":574,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":579},"On top of this, a fire which damaged 23 semiconductor machines at a Renesas factory in Hitachinaka, Japan, has caused further supply setbacks since March 2021, with the company holding a 30% stake in global microchip production.",{"type":574,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":579},"Additionally, the strong storms that hit Texas near the beginning of the year had a notable impact on chip production, where a large portion of US semiconductors are made.",{"type":574,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":579},"The sensitivity of chip production to shortages illustrates how exposed the auto supply chain is to vulnerabilities, with supply issues in the electric vehicle sector only set to worsen as demand for electrification continues to soar.",{"type":601,"attrs":602,"content":604},"heading",{"level":603,"textAlign":49},4,[605],{"text":606,"type":579},"How long will the chip shortage last?",{"type":574,"attrs":608,"content":609},{"textAlign":49},[610],{"text":611,"type":579},"There is no global consensus on how long the chip shortage could last or the extent of its impact.",{"type":574,"attrs":613,"content":614},{"textAlign":49},[615],{"text":616,"type":579},"Chinese electric vehicle manufacturer Xpeng predicts that the scarcity could last for at least another 3 months, whilst various other sources report the shortage could extend anywhere between another 6 months to 2 years.",{"type":574,"attrs":618,"content":619},{"textAlign":49},[620],{"text":621,"type":579},"Taiwan Semiconductor Manufacturing Company (TSMC), the world’s largest chipmaker, is expected to be able to put extra capacity online from 2022 to try and help ease issue in the supply-demand balance but building the delicate machinery and ensuring ultra-sanitary conditions in their fabrication plants takes time.",{"type":601,"attrs":623,"content":624},{"level":603,"textAlign":49},[625],{"text":626,"type":579},"Impact on EVs could grow",{"type":574,"attrs":628,"content":629},{"textAlign":49},[630],{"text":631,"type":579},"Tesla initially claimed that they were able to avoid significant impact by the chip shortage through switching to microcontrollers and developing firmware that works with new chips from different suppliers.",{"type":574,"attrs":633,"content":634},{"textAlign":49},[635],{"text":636,"type":579},"However, in May, CEO Elon Musk announced that the price of the Model 3 and Model Y vehicles would be raised on the back of the shortage, with the company not shying away from admitting that the scarcity could continue to impact them in the near future, if the issue persists.",{"type":574,"attrs":638,"content":639},{"textAlign":49},[640],{"text":641,"type":579},"Chinese EV maker BYD has reportedly been largely unaffected by the chip shortage as its self-made spinoff chips, insulated gate bipolar transistors, are being made in enough capacity to meet their own demand.",{"type":574,"attrs":643,"content":644},{"textAlign":49},[645],{"text":646,"type":579},"Conversely, Chinese Tesla rival Nio announced that its monthly production would be reduced to 7,500 vehicles in the second quarter of 2021, after they had only just ramped up production to 10,000 vehicles per month in the first quarter of the year.",{"type":574,"attrs":648,"content":649},{"textAlign":49},[650],{"text":651,"type":579},"Various other automakers which produce both electric and ICE vehicles have announced reductions in production and factory operations pauses owed to the shortage.",{"type":574,"attrs":653,"content":654},{"textAlign":49},[655],{"text":656,"type":579},"However, some OEMs have suggested that, so far, the chip crisis has only hit ICE models, with Volkswagen reporting that, despite cutting production by at least 100,000 vehicles this year, its carbon emissions target has not been impacted due to continued roll out of EV models.",{"type":574,"attrs":658,"content":659},{"textAlign":49},[660],{"text":661,"type":579},"To date, we have largely seen automakers look to ringfence EV production from the impact of the chip shortage, as they look to grow their EV business. This is particularly important in Europe where automakers need to meet fleet emissions targets and will need to prioritise EV production to avoid fines.",{"type":574,"attrs":663,"content":664},{"textAlign":49},[665],{"text":666,"type":579},"Benchmark forecasts that demand for electric vehicles will reach 220,000 MWh in 2021, with sales figures continuing to show significant growth m-o-m in 2021.",{"type":574,"attrs":668,"content":669},{"textAlign":49},[670],{"text":671,"type":579},"Nonetheless, many auto majors have pointed out that the situation remains volatile.",{"type":601,"attrs":673,"content":674},{"level":603,"textAlign":49},[675],{"text":676,"type":579},"Not the only vulnerability in the EV supply chain",{"type":574,"attrs":678,"content":679},{"textAlign":49},[680],{"text":681,"type":579},"The chip shortage is not the only potential weakness in the electric vehicle supply chain, with Benchmark forecasting considerable looming deficits in all of the critical raw materials required for lithium ion batteries in the coming decade.",{"type":574,"attrs":683,"content":684},{"textAlign":49},[685],{"text":686,"type":579},"For example, demand for lithium alone is forecast by Benchmark to exceed 2 million tonnes LCE by 2030: nearly a six-fold increase from 2021 demand.",{"type":574,"attrs":688,"content":689},{"textAlign":49},[690],{"text":691,"type":579},"Significant investments in mining projects, chemical processing and through to battery production and recycling facilities are going to be needed to close this exposure to supply issues.",{"type":574,"attrs":693,"content":694},{"textAlign":49},[695],{"text":696,"type":579},"One potential option is for automakers to further vertically-integrate into the battery supply chain, which to date has largely been limited to cell production, with OEMs potentially investing in upstream raw material and chemical production projects to meet their own demand.",{"type":574,"attrs":698,"content":699},{"textAlign":49},[700],{"text":701,"type":579},"However, developing raw material extraction projects takes time, with downstream production facilities also taking some years to build. Automakers will need to take steps now in order to offset some of the risk they will be exposed to at each stage of the supply chain, from raw material production, to chemical processing and cells.",{"type":574,"attrs":703,"content":704},{"textAlign":49},[705],{"text":706,"type":579},"Consequently, the impact of the chip shortage will likely act as a wake up call to the EV industry, as supply chain players begin to experience the consequences supply disruptions can have on operations.","A shortage of semiconductors, vital microchips used in vehicles and various household technologies, is impacting vehicle production, with the scarcity set to continue into at least the second half of this year. Cancelled chip orders on expectations of limited demand have resulted in a shortage of supply after the faster-than-expected bounce back of the auto […]",[709],{"slug":562,"name":563,"content":710},{"job_title":565,"image":711,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c80ae8d4-df0a-4e73-ad36-cefb1d7113ec\", \"id\": \"\"}-->","article",[715,718],{"slug":716,"name":717},"batteries","Batteries",{"slug":719,"name":720},"ev","EV","private",{"id":49,"alt":723,"name":723,"focus":723,"title":723,"source":723,"filename":724,"copyright":723,"fieldtype":725,"meta_data":726,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/ef876a4352/bm-computer-circuit.jpg","asset",{"alt":723,"title":723,"source":723,"copyright":723},"Jun 03, 2021","3rd June 2021",[],[],1792765757769]