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market","fisker-says-battery-prices-to-fall-next-year-as-new-producers-enter-market","article/fisker-says-battery-prices-to-fall-next-year-as-new-producers-enter-market",{"_uid":547,"date":548,"tags":549,"editor":556,"content":566,"excerpt":663,"featured":51,"reporter":664,"_editable":668,"component":669,"seo_title":543,"categories":670,"visibility":674,"author_company":49,"featured_image":675,"seo_description":663,"author_full_name":49,"author_job_title":49,"formattedDate":680,"formattedArticleDate":681},"c9a8e84b-929b-439a-94d3-5be5cad97d90","2022-11-14 00:00",[550,553],{"slug":551,"name":552},"battery-prices","Battery Prices",{"slug":554,"name":555},"benchmark-week-2022","Benchmark Week 2022",[557],{"slug":558,"name":559,"content":560},"didi-bostock","Didi Bostock",{"job_title":561,"image":562,"bio":564,"linkedin":565},"Editor - Energy Transition & Economics",{"filename":563},"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":567,"content":568},"doc",[569,576,581,586,591,596,601,608,613,618,623,628,633,638,643,648,653,658],{"type":570,"attrs":571,"content":572},"paragraph",{"textAlign":49},[573],{"text":574,"type":575},"Henrik Fisker, chief executive of electric vehicle startup Fisker, said that battery prices would fall next year as new producers tried to capture market share. ","text",{"type":570,"attrs":577,"content":578},{"textAlign":49},[579],{"text":580,"type":575},"Fisker said there will be a “dramatic change” in the volumes of batteries and raw materials next year due to “fierce competition” from new battery producers. ",{"type":570,"attrs":582,"content":583},{"textAlign":49},[584],{"text":585,"type":575},"“There is a breaking point when cars become so expensive that you won’t be able to sell vehicles,” he told the Benchmark Week conference in Los Angeles.  ",{"type":570,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":575},"The comments come following a significant rise in battery prices over the past year due to rising raw material prices. Battery cell prices ($/kWh) have increased by 30.1% in the past twelve months for prismatic NCM 622 in China according to Benchmark. ",{"type":570,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":575},"The cost increases have been driven by a sharp increase in battery raw material prices – especially of lithium. Benchmark’s mid-nickel battery raw material price index has increased by 62% over the past year, while the lithium iron phosphate index is up by 100%. ",{"type":570,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":575},"“The smart suppliers will actually lower the price and increase their volumes to take more market share,” Fisker said. “The high prices was a factor of being easier to make a profit margin versus trying to invest in the middle of a crisis and raising volumes and keeping prices low.”  ",{"type":602,"attrs":603,"content":605},"heading",{"level":604,"textAlign":49},4,[606],{"text":607,"type":575},"Securing battery supplies before production",{"type":570,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":575},"Fisker said his company had committed money up front to make sure that a battery line would be available when needed.",{"type":570,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":575},"Last year Fisker signed an agreement with China’s CATL for over 5 gigawatt-hours of annual battery capacity for its Fisker Ocean SUV, which started production this week in Austria. The company has committed to using both LFP and NCM battery cells, he said. ",{"type":570,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":575},"The company settles its battery prices each quarter for delivery, Fisker said. ",{"type":602,"attrs":624,"content":625},{"level":604,"textAlign":49},[626],{"text":627,"type":575},"Battery producers doing more “due diligence” on OEMs",{"type":570,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":575},"Fisker also said that the relationship between battery producers and automakers has changed, and battery producers are now doing “due diligence” on OEMs prior to committing to cell supply contracts, rather than the other way around. ",{"type":570,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":575},"This was in response to earlier EV market trends whereby OEM production numbers had failed to meet company forecasts, he said. ",{"type":570,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":575},"Fisker noted that the company had opened reservations two years ago in order to prove to cell makers that there was strong demand for the range.",{"type":570,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":575},"“We wanted 62,000 reservations and we are now sold out through to Q1 2024,” Fisker said. ",{"type":570,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":575},"“This gives Fisker and our suppliers lots of confidence.”",{"type":570,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":575},"Fisker’s comments also illustrate the shifting of power within the battery supply chain, reflecting the tightness in tier 1 battery cell availability for the EV market. With Tier 1 battery supply/demand balances expected to shift into a 26GWh deficit in 2023, battery cell makers are carefully selecting which companies they choose to partner with.",{"type":570,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":575},"Fisker is also looking at options for US production, Fisker said. It also has an agreement with Taiwanese manufacturer Foxconn for production at its Lordstown, Ohio plant.","Henrik Fisker, chief executive of electric vehicle startup Fisker, said that battery prices would fall next year as new producers tried to capture market share. Fisker said there will be a “dramatic change” in the volumes of batteries and raw materials next year due to “fierce competition” from new battery producers. “There is a breaking […]",[665],{"slug":558,"name":559,"content":666},{"job_title":561,"image":667,"bio":564,"linkedin":565},{"filename":563},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c9a8e84b-929b-439a-94d3-5be5cad97d90\", \"id\": \"\"}-->","article",[671],{"slug":672,"name":673},"batteries","Batteries","private",{"id":49,"alt":676,"name":676,"focus":676,"title":676,"source":676,"filename":677,"copyright":676,"fieldtype":678,"meta_data":679,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/a6c0de6ab9/bm-fisker-ocean-suv.jpg","asset",{"alt":676,"title":676,"source":676,"copyright":676},"Nov 14, 2022","14th November 2022",[],[],1787848934519]