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and Jaguar Land Rover set new EV targets as European battery demand growth accelerates","ford-and-jaguar-land-rover-set-new-ev-targets-as-european-battery-demand-growth-accelerates","article/ford-and-jaguar-land-rover-set-new-ev-targets-as-european-battery-demand-growth-accelerates",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":760,"featured":50,"reporter":761,"_editable":765,"component":766,"seo_title":553,"categories":767,"visibility":771,"author_company":49,"featured_image":772,"seo_description":760,"author_full_name":49,"author_job_title":49,"formattedDate":777,"formattedArticleDate":778},"01c8b1ed-0e8e-493e-938c-7191acb94740","2021-02-19 00:00",[560],{"slug":561,"name":562},"europe","Europe",[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",[576,583,588,593,598,605,610,615,620,625,630,635,640,645,650,655,660,665,670,675,680,685,690,695,700,705,710,715,720,725,730,735,740,745,750,755],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Following a strong recovery in H2 2020, Europe’s electric vehicle (EV) momentum has continued into Q1 2021 with Ford of Europe and Jaguar Land Rover (JLR) setting out new electrification targets this week.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"As automakers expand their electric offerings, the 2020s will see European battery demand enter a new phase, with data from Benchmark’s Lithium ion Battery Database showing that battery demand in Europe is set to increase at an annualised rate of 40.1% between 2020 and 2025.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"With these additional demand pressures there is a growing need for investment into the supply chain. This year the EU has promised an additional €2.9 billion of funding and SK Innovation added another battery megafactory to its European pipeline.",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"But is this enough to support Europe’s growing EV market?",{"type":599,"attrs":600,"content":602},"heading",{"level":601,"textAlign":49},4,[603],{"text":604,"type":582},"JLR and Ford of Europe set out electrification targets",{"type":577,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":582},"JLR’s new electrification target puts its Jaguar brand on a path to being fully electric by 2025, however, it anticipates that approximately only 60% of Land Rovers sold by 2030 will be full electric. The company has been behind the curve in the move to electrification to date – it paid a €35 million fine to the EU for failing to meet carbon targets in 2020.",{"type":577,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":582},"Following the JLR announcement, Ford of Europe’s president Stuart Rowley, said that the company plans to go fully electric in Europe by 2030. As part of these efforts the company has outlined plans to invest $1 billion in converting an existing assembly plant in Cologne, Germany, into an EV production site.",{"type":577,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":582},"The announcements from Ford and JLR did not pay significant attention to the battery requirements dictated by their electrification targets, but both companies will need to establish a secure lithium ion cell supply to meet their goals.",{"type":577,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":582},"Cell demand on the continent grew at an average rate of 22% between 2015 and 2019 but demand growth rates are only set to accelerate with greater EV penetration.",{"type":577,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":582},"Between 2020 and 2025, Benchmark’s Lithium ion Battery Database model is forecasting European cell demand to increase at an average of 40.1% each year, from approximately 40 GWh of demand in 2020 to almost 200 GWh in 2025.",{"type":577,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":582},"To meet this challenging demand trajectory, continued private and public investment and policy support will be key to scaling up Europe’s supply chain, with secure raw material supply critical to meet this demand, which to date has been insufficient.",{"type":599,"attrs":636,"content":637},{"level":601,"textAlign":49},[638],{"text":639,"type":582},"EU sets out its latest battery supply chain project ",{"type":577,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":582},"Investment into the European battery supply chain has not been neglected altogether as the EU’s January announcement shows.",{"type":577,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":582},"The latest EU project, ‘European Battery Innovation’, is backed by seven EU members states including Germany and France, and provides €2.9 billion of funding to the battery supply chain, which the EU expects to unlock a further €9 billion in private investments.",{"type":577,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":582},"The project covers the full supply chain —from raw materials, to battery cells, and finally recycling— with 42 participants involved, including major electric vehicle (EV) producers such as BMW and Tesla.",{"type":577,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":582},"This follows on from EU funding at the end of 2019, with €3.2 billion of investment promised into a European-wide research and innovation project covering all segments of the supply chain, which the EU hoped to deliver an extra €5 billion from the private sector investment.",{"type":577,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":582},"Altogether, if the expected private investment materialises, both of these projects would amount to €20 billion of EU-led investment promised for the battery supply chain over the past 18 months.",{"type":599,"attrs":666,"content":667},{"level":601,"textAlign":49},[668],{"text":669,"type":582},"SK Innovation to expand Hungary cell production ",{"type":577,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":582},"Shortly after the EU’s announcement, SK Innovation announced plans to invest a reported €1.9 billion ($2.3 billion) to build its third Hungarian megafactory, with a target 30 GWh of capacity and commercial production set for 2024.",{"type":577,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":582},"With the latest investment Hungary now has four megafactories in the pipeline, with Samsung’s Göd megafactory and three SK Innovation plants.",{"type":577,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":582},"This new plant, to be located in Iváncsa, Fejér County will add to SK Innovation’s existing 17 GWh of capacity in the pipeline in the country as shown by the latest data from Benchmark’s Lithium ion Battery Megafactory Assessment.",{"type":577,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":582},"With the EU, Eastern Europe in particular has emerged as a critical cog for current and future lithium ion cell production – with SK Innovation’s rival LG Chem operating the largest European megafactory in production today in Wroclaw, Poland, with 24 GWh of capacity",{"type":577,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":582},"Not only is Eastern Europe developing downstream cell capacity, but the first major steps in of Europe’s mid-stream supply chain buildout are also coming from with Eastern Europe, with development of Umicore’s Nysa cathode plant in Poland already underway.",{"type":577,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":582},"EU financial support has played a key role in the development of the Nysa project, with the European Investment Bank (EIB) providing Umicore with a €125 million loan in June 2020, covering approximately half of the project’s initial costs.",{"type":599,"attrs":701,"content":702},{"level":601,"textAlign":49},[703],{"text":704,"type":582},"Germany now the centre of future European cell capacity",{"type":577,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":582},"While Eastern Europe first emerged as Europe’s centre of battery production, recent developments in Germany have set the country on the path to being at the heart of future European lithium ion cell production.",{"type":577,"attrs":711,"content":712},{"textAlign":49},[713],{"text":714,"type":582},"While the country does not yet have operational production capacity, Benchmark’s Lithium ion Battery Megafactory Assessment shows that in 2020 alone Germany’s pipeline capacity to 2030 doubled to 298 GWh, the greatest percentage increase for any country during the year.",{"type":577,"attrs":716,"content":717},{"textAlign":49},[718],{"text":719,"type":582},"While EU efforts have driven the development of the EU’s lithium ion cell plans, Germany has also undertaken its own state support to attract and buildout its battery supply chain within its borders.",{"type":577,"attrs":721,"content":722},{"textAlign":49},[723],{"text":724,"type":582},"In August last year, the German government gave Northvolt a $525 million loan guarantee, as part of the debt funding for the development of the Northvolt Zwei / Volkswagen factory in Salzgitter in Lower Saxony. It was also recently reported by Business Insider that Tesla would receive at least €1 billion in public funding for its Berlin Gigafactory.",{"type":599,"attrs":726,"content":727},{"level":601,"textAlign":49},[728],{"text":729,"type":582},"Europe’s Imbalanced supply chain",{"type":577,"attrs":731,"content":732},{"textAlign":49},[733],{"text":734,"type":582},"The buildout of Europe’s supply chain to date has been centred on building downstream lithium ion cell capacity – there are now 18 megafactories with 566 GWh of capacity in the pipeline for 2030 according to the latest data from Benchmark’s Lithium ion Battery Megafactory Assessent.",{"type":577,"attrs":736,"content":737},{"textAlign":49},[738],{"text":739,"type":582},"However, there are a number of cathode projects in the pipeline — BASF in Germany, Umicore and Johnson Matthey in Poland — which are due to come online in the first half of the 2020s.",{"type":577,"attrs":741,"content":742},{"textAlign":49},[743],{"text":744,"type":582},"Data from Benchmark’s Cathode Market Assessment shows that Europe now has 47,000 tonnes of cathode capacity under construction and 90,000 tonnes in the pipeline, which, although trailing China, Japan and South Korea, marks the next step in building out Europe’s supply chain.",{"type":577,"attrs":746,"content":747},{"textAlign":49},[748],{"text":749,"type":582},"While Europe has made significant steps in building out its lithium ion cell capacity and tentative cathode developments, its upstream raw material supply and processing capacity remains lacking.",{"type":577,"attrs":751,"content":752},{"textAlign":49},[753],{"text":754,"type":582},"There is a focus from the European Battery Alliance on raw materials, and the recent formation of the European Raw Material Alliance (ERMA) illustrates a willingness to look further upstream to raw material sourcing and processing on the continent, but these efforts have yet to translate into concrete investments for the upstream.",{"type":577,"attrs":756,"content":757},{"textAlign":49},[758],{"text":759,"type":582},"In the near term, Europe continues to build out its battery cell pipeline but it does not yet have the capacity to source or process raw materials at a scale to support this domestically.","Following a strong recovery in H2 2020, Europe’s electric vehicle (EV) momentum has continued into Q1 2021 with Ford of Europe and Jaguar Land Rover (JLR) setting out new electrification targets this week. As automakers expand their electric offerings, the 2020s will see European battery demand enter a new phase, with data from Benchmark’s Lithium […]",[762],{"slug":565,"name":566,"content":763},{"job_title":568,"image":764,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"01c8b1ed-0e8e-493e-938c-7191acb94740\", \"id\": \"\"}-->","article",[768],{"slug":769,"name":770},"batteries","Batteries","private",{"id":49,"alt":773,"name":773,"focus":773,"title":773,"source":773,"filename":774,"copyright":773,"fieldtype":775,"meta_data":776,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/6ef1a16947/bm-2021-ford-cgn-electrification-24-low.jpg","asset",{"alt":773,"title":773,"source":773,"copyright":773},"Feb 19, 2021","19th February 2021",[],[],1790082842919]