[{"data":1,"prerenderedAt":758},["ShallowReactive",2],{"ticker-data":3,"story-article/ford-btrs-120-million-anode-deal-captures-a-battery-industry-in-flux":550},[4,52,82,112,148,186,229,261,297,336,378,419,460,490,520],{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":8,"today":9,"last":10,"percentageChange":11,"yearToDate":12,"yearOnYear":13,"oneYearIndexTrend":14,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-14","2wk","Updated every 2 weeks","Lithium",317.07,322.34,-1.64,35.66,90.62,[15,16,18,21,24,27,30,33,36,39,42,45],{"date":5,"value":9},{"date":17,"value":10},"2026-09-30",{"date":19,"value":20},"2026-09-16",354.99,{"date":22,"value":23},"2026-09-02",385.07,{"date":25,"value":26},"2026-08-19",372.67,{"date":28,"value":29},"2026-08-05",367.54,{"date":31,"value":32},"2026-07-22",388.26,{"date":34,"value":35},"2026-07-08",399.4,{"date":37,"value":38},"2026-06-24",410.62,{"date":40,"value":41},"2026-06-10",427.77,{"date":43,"value":44},"2026-05-27",449.85,{"date":46,"value":47},"2026-05-13",451.12,"/lithium/prices",null,false,true,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":53,"today":54,"last":55,"percentageChange":56,"yearToDate":57,"yearOnYear":58,"oneYearIndexTrend":59,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Carbonate",256.83,278.71,-7.85,1.12,46.89,[60,61,62,64,66,68,70,72,74,76,78,80],{"date":5,"value":54},{"date":17,"value":55},{"date":19,"value":63},300.39,{"date":22,"value":65},306.07,{"date":25,"value":67},297.22,{"date":28,"value":69},296.63,{"date":31,"value":71},309.38,{"date":34,"value":73},317.2,{"date":37,"value":75},330.54,{"date":40,"value":77},346.5,{"date":43,"value":79},358.35,{"date":46,"value":81},350.28,{"publishedDate":5,"updateFrequency":6,"updateFrequencyText":7,"label":83,"today":84,"last":85,"percentageChange":86,"yearToDate":87,"yearOnYear":88,"oneYearIndexTrend":89,"url":48,"subscription":49,"isProtected":50,"hasAccess":51},"Lithium Hydroxide",292.05,311.1,-6.12,43.7,92,[90,91,92,94,96,98,100,102,104,106,108,110],{"date":5,"value":84},{"date":17,"value":85},{"date":19,"value":93},339.85,{"date":22,"value":95},352.45,{"date":25,"value":97},341.12,{"date":28,"value":99},337.87,{"date":31,"value":101},354.36,{"date":34,"value":103},364.06,{"date":37,"value":105},376.67,{"date":40,"value":107},393.29,{"date":43,"value":109},411.01,{"date":46,"value":111},408.51,{"publishedDate":5,"updateFrequency":113,"updateFrequencyText":114,"label":115,"today":116,"last":117,"percentageChange":118,"yearToDate":119,"yearOnYear":120,"oneYearIndexTrend":121,"url":147,"subscription":49,"isProtected":50,"hasAccess":51},"1wk","Updated every week","Cobalt",171.41,173.83,-1.39,-27.13,-1.06,[122,123,125,126,129,131,133,136,138,141,142,145],{"date":5,"value":116},{"date":124,"value":117},"2026-10-07",{"date":17,"value":117},{"date":127,"value":128},"2026-09-23",175.44,{"date":19,"value":130},178.66,{"date":22,"value":132},189.92,{"date":134,"value":135},"2026-08-26",192.6,{"date":25,"value":137},199.83,{"date":139,"value":140},"2026-08-12",217.25,{"date":28,"value":140},{"date":143,"value":144},"2026-07-29",221.25,{"date":31,"value":146},224.44,"/cobalt/prices",{"publishedDate":149,"updateFrequency":6,"updateFrequencyText":7,"label":150,"today":151,"last":152,"percentageChange":153,"yearToDate":154,"yearOnYear":155,"oneYearIndexTrend":156,"url":185,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-21","Nickel",107.13,114.04,-6.06,-11.27,-0.65,[157,158,159,161,164,166,168,170,173,176,179,182],{"date":149,"value":151},{"date":124,"value":152},{"date":127,"value":160},116.1,{"date":162,"value":163},"2026-09-09",119.13,{"date":134,"value":165},119.61,{"date":139,"value":167},121.04,{"date":143,"value":169},121.19,{"date":171,"value":172},"2026-07-15",122.66,{"date":174,"value":175},"2026-07-01",125.61,{"date":177,"value":178},"2026-06-17",131.5,{"date":180,"value":181},"2026-06-03",134.65,{"date":183,"value":184},"2026-05-20",135.83,"/nickel/prices",{"publishedDate":17,"updateFrequency":187,"updateFrequencyText":188,"label":189,"today":190,"last":191,"percentageChange":192,"yearToDate":193,"yearOnYear":194,"oneYearIndexTrend":195,"url":228,"subscription":49,"isProtected":50,"hasAccess":51},"1mo","Updated every month","Natural Graphite",78.45,80.18,-2.16,-3.84,-4.03,[196,197,199,202,205,208,211,214,217,220,223,226],{"date":17,"value":190},{"date":198,"value":191},"2026-08-28",{"date":200,"value":201},"2026-07-31",80.66,{"date":203,"value":204},"2026-06-30",82.87,{"date":206,"value":207},"2026-05-29",82.99,{"date":209,"value":210},"2026-04-30",82.93,{"date":212,"value":213},"2026-03-31",82.39,{"date":215,"value":216},"2026-02-27",81.92,{"date":218,"value":219},"2026-01-30",81.69,{"date":221,"value":222},"2025-12-31",81.58,{"date":224,"value":225},"2025-11-28",81.35,{"date":227,"value":225},"2025-10-31","/natural-graphite/prices",{"publishedDate":17,"updateFrequency":187,"updateFrequencyText":188,"label":230,"today":231,"last":232,"percentageChange":233,"yearToDate":234,"yearOnYear":235,"oneYearIndexTrend":236,"url":260,"subscription":49,"isProtected":50,"hasAccess":51},"Anode Coke",86.15,81.86,5.24,15.73,19.78,[237,238,239,241,242,244,246,248,250,252,254,257],{"date":17,"value":231},{"date":200,"value":232},{"date":203,"value":240},80.54,{"date":206,"value":240},{"date":209,"value":243},84.01,{"date":212,"value":245},79.79,{"date":215,"value":247},75.72,{"date":218,"value":249},74.61,{"date":221,"value":251},74.44,{"date":227,"value":253},72.75,{"date":255,"value":256},"2025-09-30",71.92,{"date":258,"value":259},"2025-08-29",71.46,"/synthetic-graphite/prices",{"publishedDate":262,"updateFrequency":187,"updateFrequencyText":188,"label":263,"today":264,"last":265,"percentageChange":266,"yearToDate":267,"yearOnYear":268,"oneYearIndexTrend":269,"url":296,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-15","Anode",80.45,80.24,0.27,1.81,3.2,[270,271,273,275,276,278,281,284,287,289,291,293],{"date":262,"value":264},{"date":272,"value":265},"2026-09-15",{"date":274,"value":265},"2026-08-17",{"date":171,"value":265},{"date":277,"value":265},"2026-06-15",{"date":279,"value":280},"2026-05-15",79.16,{"date":282,"value":283},"2026-04-15",81.98,{"date":285,"value":286},"2026-03-16",79.03,{"date":288,"value":286},"2026-02-16",{"date":290,"value":286},"2026-01-15",{"date":292,"value":286},"2025-12-15",{"date":294,"value":295},"2025-11-17",77.79,"/anode/prices",{"publishedDate":298,"updateFrequency":187,"updateFrequencyText":188,"label":299,"today":300,"last":301,"percentageChange":302,"yearToDate":303,"yearOnYear":304,"oneYearIndexTrend":305,"url":335,"subscription":49,"isProtected":50,"hasAccess":51},"2026-08-01","Cathode",73.32,77.21,-5.04,14.41,55.07,[306,307,308,311,314,317,320,323,325,327,329,332],{"date":298,"value":300},{"date":174,"value":301},{"date":309,"value":310},"2026-06-01",80.32,{"date":312,"value":313},"2026-05-01",81.71,{"date":315,"value":316},"2026-04-01",77.27,{"date":318,"value":319},"2026-03-01",81.99,{"date":321,"value":322},"2026-02-01",80.5,{"date":290,"value":324},72.79,{"date":292,"value":326},64.08,{"date":294,"value":328},62.01,{"date":330,"value":331},"2025-10-15",53.51,{"date":333,"value":334},"2025-09-15",49.5,"/cathode/prices",{"publishedDate":337,"updateFrequency":187,"updateFrequencyText":188,"label":338,"today":339,"last":340,"percentageChange":341,"yearToDate":342,"yearOnYear":343,"oneYearIndexTrend":344,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"2025-03-31","Lithium ion Batteries",74.53,71.3,4.53,-1.6,-20.88,[345,346,348,351,354,357,360,363,366,368,371,374],{"date":337,"value":339},{"date":347,"value":340},"2025-02-28",{"date":349,"value":350},"2025-01-31",71.45,{"date":352,"value":353},"2024-12-31",75.74,{"date":355,"value":356},"2024-11-29",76.98,{"date":358,"value":359},"2024-10-31",77.34,{"date":361,"value":362},"2024-09-30",77.43,{"date":364,"value":365},"2024-08-30",80.56,{"date":367,"value":207},"2024-07-31",{"date":369,"value":370},"2024-06-28",87.2,{"date":372,"value":373},"2024-05-31",90.7,{"date":375,"value":376},"2024-04-30",93.2,"/battery-gigafactory/prices",{"publishedDate":379,"updateFrequency":6,"updateFrequencyText":7,"label":380,"today":381,"last":382,"percentageChange":383,"yearToDate":384,"yearOnYear":385,"oneYearIndexTrend":386,"url":418,"subscription":49,"isProtected":50,"hasAccess":51},"2026-10-08","Black Mass",37.11,38.95,-4.72,-14,18.31,[387,388,390,393,396,399,402,405,408,411,414,416],{"date":379,"value":381},{"date":389,"value":382},"2026-09-24",{"date":391,"value":392},"2026-09-10",42.03,{"date":394,"value":395},"2026-08-27",43.88,{"date":397,"value":398},"2026-08-13",42.33,{"date":400,"value":401},"2026-07-30",43.42,{"date":403,"value":404},"2026-07-16",46.74,{"date":406,"value":407},"2026-07-02",46.01,{"date":409,"value":410},"2026-06-18",49.57,{"date":412,"value":413},"2026-02-12",47.34,{"date":415,"value":410},"2026-01-29",{"date":290,"value":417},43.15,"/recycling/black-mass-prices",{"publishedDate":262,"updateFrequency":187,"updateFrequencyText":188,"label":420,"today":421,"last":422,"percentageChange":423,"yearToDate":424,"yearOnYear":425,"oneYearIndexTrend":426,"url":459,"subscription":49,"isProtected":50,"hasAccess":51},"Rare Earths",172.08,171.72,0.21,20.59,30.21,[427,428,430,433,436,439,442,445,448,451,454,457],{"date":262,"value":421},{"date":429,"value":422},"2026-10-01",{"date":431,"value":432},"2026-09-03",170.83,{"date":434,"value":435},"2026-08-20",169.63,{"date":437,"value":438},"2026-08-06",172.28,{"date":440,"value":441},"2026-07-23",173.94,{"date":443,"value":444},"2026-07-09",171.69,{"date":446,"value":447},"2026-06-25",168.55,{"date":449,"value":450},"2026-06-11",165,{"date":452,"value":453},"2026-05-28",163.89,{"date":455,"value":456},"2026-05-14",172.63,{"date":209,"value":458},175.6,"/rare-earths/prices",{"publishedDate":198,"updateFrequency":187,"updateFrequencyText":188,"label":461,"today":462,"last":463,"percentageChange":464,"yearToDate":465,"yearOnYear":466,"oneYearIndexTrend":467,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"NCM Mid-Nickel",152.7,162.48,-6.02,17.38,53.11,[468,469,470,472,474,476,478,480,482,484,486,488],{"date":198,"value":462},{"date":200,"value":463},{"date":203,"value":471},171.08,{"date":206,"value":473},173.65,{"date":209,"value":475},164.53,{"date":212,"value":477},157.28,{"date":215,"value":479},151.44,{"date":218,"value":481},144.5,{"date":221,"value":483},130.09,{"date":224,"value":485},124.6,{"date":227,"value":487},122.35,{"date":255,"value":489},103.5,{"publishedDate":198,"updateFrequency":187,"updateFrequencyText":188,"label":491,"today":492,"last":493,"percentageChange":494,"yearToDate":495,"yearOnYear":496,"oneYearIndexTrend":497,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"NCM High-Nickel",144.45,149.67,-3.49,26.69,49.06,[498,499,500,502,504,506,508,510,512,514,516,518],{"date":198,"value":492},{"date":200,"value":493},{"date":203,"value":501},157.37,{"date":206,"value":503},160,{"date":209,"value":505},149.53,{"date":212,"value":507},141.97,{"date":215,"value":509},136.99,{"date":218,"value":511},129.81,{"date":221,"value":513},114.02,{"date":224,"value":515},109.17,{"date":227,"value":517},109.02,{"date":255,"value":519},99.44,{"publishedDate":198,"updateFrequency":187,"updateFrequencyText":188,"label":521,"today":522,"last":523,"percentageChange":524,"yearToDate":525,"yearOnYear":526,"oneYearIndexTrend":527,"url":377,"subscription":49,"isProtected":50,"hasAccess":51},"LFP",229.17,218.34,4.96,49.35,83.44,[528,529,530,532,534,536,538,540,542,544,546,548],{"date":198,"value":522},{"date":200,"value":523},{"date":203,"value":531},239.1,{"date":206,"value":533},258.32,{"date":209,"value":535},239.37,{"date":212,"value":537},213.01,{"date":215,"value":539},204.49,{"date":218,"value":541},218.06,{"date":221,"value":543},153.45,{"date":224,"value":545},134.02,{"date":227,"value":547},118.22,{"date":255,"value":549},111.93,{"id":551,"uuid":552,"name":553,"slug":554,"full_slug":555,"content":556,"relatedArticles":756,"relatedVideos":757},112469121197141,"b8c4f3f6-7083-4187-b8a2-d5127f0033dd","Ford-BTR’s $120 million anode deal captures a battery industry in flux","ford-btrs-120-million-anode-deal-captures-a-battery-industry-in-flux","article/ford-btrs-120-million-anode-deal-captures-a-battery-industry-in-flux",{"_uid":557,"date":558,"tags":559,"editor":566,"content":576,"excerpt":728,"featured":51,"reporter":729,"_editable":733,"component":734,"seo_title":553,"categories":735,"visibility":747,"author_company":49,"featured_image":748,"seo_description":728,"author_full_name":49,"author_job_title":49,"formattedDate":754,"formattedArticleDate":755},"f1f30d60-4acd-4446-8ca8-1f1761a7e962","2024-08-21 00:00",[560,563],{"slug":561,"name":562},"china","China",{"slug":564,"name":565},"usa","USA",[567],{"slug":568,"name":569,"content":570},"matthew-bird","Matthew Bird",{"job_title":571,"image":572,"bio":574,"linkedin":575},"Senior Editor - Supply Chains & Data Visualisation",{"filename":573},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":577,"content":578},"doc",[579,586,591,596,601,606,611,616,621,628,633,638,643,648,653,658,663,668,673,678,683,688,693,698,703,708,713,718,723],{"type":580,"attrs":581,"content":582},"paragraph",{"textAlign":49},[583],{"text":584,"type":585},"Ford has agreed to pay $120 million to an ex-China subsidiary of BTR for synthetic graphite anode materials in a deal that demonstrates how major mid to downstream battery players are responding to low prices.","text",{"type":580,"attrs":587,"content":588},{"textAlign":49},[589],{"text":590,"type":585},"The deal will see Ford and its related companies sourcing synthetic graphite anode materials from Mediterranean Mediterranean New Material Technology (MNMT), a subsidiary of Chinese anode giant BTR.",{"type":580,"attrs":592,"content":593},{"textAlign":49},[594],{"text":595,"type":585},"In a separate announcement made on the same day, BTR has said it plans to construct a new synthetic graphite anode materials plant in Morocco’s Tangier Tech City with an annual production capacity of 60,000 tonnes. ",{"type":580,"attrs":597,"content":598},{"textAlign":49},[599],{"text":600,"type":585},"BTR did not confirm that this planned plant would supply Ford but China Boan Group, its largest shareholder, said separately that the company that will build the site will sign a supply deal with Ford. ",{"type":580,"attrs":602,"content":603},{"textAlign":49},[604],{"text":605,"type":585},"The deal will support Ford’s plans to ramp up EV production, a strategy that includes entering cell production through joint ventures with SK Innovation and CATL.",{"type":580,"attrs":607,"content":608},{"textAlign":49},[609],{"text":610,"type":585},"For BTR, it promises to advance an ongoing push into Western markets. ",{"type":580,"attrs":612,"content":613},{"textAlign":49},[614],{"text":615,"type":585},"“Facing intense domestic competition and persistent market surpluses, Chinese anode active materials majors are actively seeking overseas sites to expand their global operations and customer base,” said Tony Alderson, senior analyst at Benchmark. ",{"type":580,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":585},"BTR’s use of an ex-China subsidiary in the Ford deal shows the legal manoeuvres Chinese battery materials firms are undertaking to de-risk from mounting policy barriers to US market access. ",{"type":622,"attrs":623,"content":625},"heading",{"level":624,"textAlign":49},4,[626],{"text":627,"type":585},"What does the deal involve?",{"type":580,"attrs":629,"content":630},{"textAlign":49},[631],{"text":632,"type":585},"The deal is a supply agreement where BTR’s MANMT will provide Ford with synthetic graphite anodes for an unspecified period from a plant that is yet to be constructed. ",{"type":580,"attrs":634,"content":635},{"textAlign":49},[636],{"text":637,"type":585},"Ford’s advance payment of $120 million will support construction and production at the planned site. ",{"type":580,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":585},"The supply amount has not yet been specified but it is likely that at least some of the anodes purchased through the BTR deal will go to Ford’s cell manufacturing facilities now under construction.",{"type":622,"attrs":644,"content":645},{"level":624,"textAlign":49},[646],{"text":647,"type":585},"What does the deal say about the US EV industry?",{"type":580,"attrs":649,"content":650},{"textAlign":49},[651],{"text":652,"type":585},"OEMs are increasingly looking to procure the midstream materials directly, bypassing the traditional route of going through the cell maker, as they become more closely involved in cell production.",{"type":580,"attrs":654,"content":655},{"textAlign":49},[656],{"text":657,"type":585},"A similar recent deal involved Stellantis’ Fiat Chrysler Automobiles, which signed an offtake with natural graphite anode producer Westwater Resources in July 2024.",{"type":580,"attrs":659,"content":660},{"textAlign":49},[661],{"text":662,"type":585},"These strategies of direct purchasing and vertical integration can buffer automakers against cell price fluctuation. The fact that more OEMs are adopting these methods shows the mounting cost-cutting pressures they are under.  ",{"type":622,"attrs":664,"content":665},{"level":624,"textAlign":49},[666],{"text":667,"type":585},"What does the deal say about the Chinese battery industry?",{"type":580,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":585},"BTR is one of the clearest examples of how severe industry competition in China since 2023 has pushed battery materials producers to seek new markets abroad. ",{"type":580,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":585},"In 2023, BTR also announced a $300 million Morocco-based cathode facility, its first cathode projects overseas.",{"type":580,"attrs":679,"content":680},{"textAlign":49},[681],{"text":682,"type":585},"BTR’s first ever ex-China plant entered phase I production in early August this year, a 80,000 tonne Indonesian anode material project.",{"type":580,"attrs":684,"content":685},{"textAlign":49},[686],{"text":687,"type":585},"“Under prevailing overcapacity in China, Chinese anode active material majors are actively seeking overseas regions where domestic supply is insufficient to meet demand, in addition to IRA-compliant regions where they can produce material that will qualify for US federal EV credits,” said Alderson. ",{"type":580,"attrs":689,"content":690},{"textAlign":49},[691],{"text":692,"type":585},"BTR’s new deal with Ford also shows the determination of Chinese anode firms to reach US consumers despite the rise of US policies aimed at protecting the domestic battery industry from lower cost Chinese-owned supply.",{"type":622,"attrs":694,"content":695},{"level":624,"textAlign":49},[696],{"text":697,"type":585},"Why is BTR using a subsidiary for the deal?",{"type":580,"attrs":699,"content":700},{"textAlign":49},[701],{"text":702,"type":585},"BTR’s wholly-owned subsidiary MNMT was founded in 2023 and registered in Morocco, a country that has free trade partnerships with the US and Europe. ",{"type":580,"attrs":704,"content":705},{"textAlign":49},[706],{"text":707,"type":585},"Establishing ex-China subsidiaries and capacity in free trade partner nations has become a common way for Chinese producers to plan around US rules aimed at supporting domestic producers and reducing dependence on imported battery materials.",{"type":580,"attrs":709,"content":710},{"textAlign":49},[711],{"text":712,"type":585},"The main US rules of concern include FEOC restrictions in the 2022 IRA, which say EVs on the US market containing graphite supplied by firms owned more than 25% by the Chinese state will not be eligible for federal consumer tax credits after 2027. ",{"type":580,"attrs":714,"content":715},{"textAlign":49},[716],{"text":717,"type":585},"The Biden administration’s new May 2024 tariff schedule also ended tariff exemptions for Chinese synthetic graphite.",{"type":580,"attrs":719,"content":720},{"textAlign":49},[721],{"text":722,"type":585},"BTR is less than 25% owned by the Chinese state meaning that supply from the firm would be eligible for IRA tax credits. ",{"type":580,"attrs":724,"content":725},{"textAlign":49},[726],{"text":727,"type":585},"However, its ex-China subsidiary MNMT acts as an insurance policy for the scenario that US implements more restrictive measures in future. ","Ford has agreed to pay $120 million to an ex-China subsidiary of BTR for synthetic graphite anode materials in a deal that demonstrates how major mid to downstream battery players are responding to low prices. The deal will see Ford and its related companies sourcing synthetic graphite anode materials from Mediterranean Mediterranean New Material Technology […]",[730],{"slug":568,"name":569,"content":731},{"job_title":571,"image":732,"bio":574,"linkedin":575},{"filename":573},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"f1f30d60-4acd-4446-8ca8-1f1761a7e962\", \"id\": \"\"}-->","article",[736,738,741,744],{"slug":737,"name":263},"anode",{"slug":739,"name":740},"batteries","Batteries",{"slug":742,"name":743},"critical-minerals","Critical Minerals",{"slug":745,"name":746},"graphite","Graphite","private",{"id":49,"alt":749,"name":750,"focus":750,"title":749,"source":750,"filename":751,"copyright":750,"fieldtype":752,"meta_data":753,"is_external_url":51},"A new Ford Mustang Mach-E GT X Electric vehicle parking at Electrify America EV charging station","","https://a.storyblok.com/f/287943243085208/005d0156fa/bm-a-new-ford-mustang-mach-e-gt-x-electric-vehicle-parking-at-electrify-america-ev-charging-station.jpg","asset",{"alt":749,"title":749,"source":750,"copyright":750},"Aug 21, 2024","21st August 2024",[],[],1792773898238]