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could require fifth of 2026 Tier 1 battery supply to meet 2 million EV goal","ford-could-require-fifth-of-2026-tier-1-battery-supply-to-meet-2-million-ev-goal","article/ford-could-require-fifth-of-2026-tier-1-battery-supply-to-meet-2-million-ev-goal",{"_uid":557,"date":558,"tags":559,"editor":560,"content":570,"excerpt":748,"featured":50,"reporter":749,"_editable":753,"component":754,"seo_title":553,"categories":755,"visibility":762,"author_company":49,"featured_image":763,"seo_description":748,"author_full_name":49,"author_job_title":49,"formattedDate":768,"formattedArticleDate":769},"0dd6cbdc-c834-4568-8955-9d81f74d7a1f","2022-07-22 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",[573,580,585,590,595,600,605,610,613,620,625,630,635,640,645,650,655,670,675,680,685,690,695,700,705,710,715,720,733,738,743],{"type":574,"attrs":575,"content":576},"paragraph",{"textAlign":49},[577],{"text":578,"type":579},"Ford could need almost a fifth of the projected supply of Tier One global battery capacity by 2026, if it is to meet its goal of selling over 2 million electric vehicles, according to a Benchmark analysis.","text",{"type":574,"attrs":581,"content":582},{"textAlign":49},[583],{"text":584,"type":579},"The legacy automaker said it had secured 60 gigawatt hours of annual battery capacity to enable it to produce 600,000 electric vehicles by 2023 and 70% of the battery capacity to support the 2026 goal.",{"type":574,"attrs":586,"content":587},{"textAlign":49},[588],{"text":589,"type":579},"Assuming the 2 million are full electric vehicles with a 100 kWh battery pack this equates to around 200 GWh of cells a year by 2026. That is around 20% of the 971 GWh of forecast supply of Tier One cells produced by the likes of BYD, CATL, SK Innovation, and LG Chem.",{"type":574,"attrs":591,"content":592},{"textAlign":49},[593],{"text":594,"type":579},"In addition, Ford wil increase the forecast market deficit by a further 60% as it needs to secure an extra 60 GWh of batteries out of a market that is expected to have a 96 GWh deficit of Tier One batteries by that date. That deficit of Tier One cells rises to 695 GWh by 2030.",{"type":574,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":579},"Ford’s ambitions highlight the potential looming battery shortage as the world’s largest automakers from Tesla to Volkswagen all rapidly expand their lineup of electric vehicles.",{"type":574,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":579},"Tesla’s Elon Musk said this week he wanted the company’s external suppliers to “to grow their battery output as fast as they possibly can” to meet Tesla’s demand.",{"type":574,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":579},"Benchmark defines Tier One battery producers as those that supply more than one multinational OEM/EV producer outside of China, with more than 5 GWh of annual cumulative capacity.",{"type":574,"attrs":611,"content":612},{"textAlign":49},[],{"type":614,"attrs":615,"content":617},"heading",{"level":616,"textAlign":49},4,[618],{"text":619,"type":579},"Multiple Tieups",{"type":574,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":579},"Ford said on Thursday it is adding lithium iron phosphate (LFP) cell chemistry to its portfolio and that China’s Contemporary Amperex Technology Co (CATL) would supply the full LFP battery packs for two  of its electric vehicles currently on sale.",{"type":574,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":579},"Separately, the automaker signed a non-binding MOU with CATL to explore a cooperation for supplying batteries in Ford’s markets across China, Europe and North America.",{"type":574,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":579},"Ford also said its plans to localise and use 40 GWh of LFP capacity in North America starting in 2026, without specifying who will build the plant.",{"type":574,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":579},"The automaker also plans to use South Korean battery suppliers LG Energy Solution (LGES) as well its strategic partner SK On, a unit of Sk Innovation, to meet its battery capacity target for late 2023, it said.",{"type":574,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":579},"Ford and SK had in September  announced a $11.4 billion investment plan to construct three battery plants and an assembly plant for F-series electric trucks in Tennessee and Kentucky, the largest investment in the Dearborn, Michigan-based automaker’s history.",{"type":574,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":579},"The company’s BlueOval joint venture will have a total battery production capacity of 129 GWh starting in 2025 and 2026.",{"type":614,"attrs":651,"content":652},{"level":616,"textAlign":49},[653],{"text":654,"type":579},"New Chemistry ",{"type":574,"attrs":656,"content":657},{"textAlign":49},[658,660,668],{"text":659,"type":579},"Ford, which currently uses the nickel cobalt manganese (NCM) mix for its ",{"text":661,"type":579,"marks":662},"electric vehicles",[663],{"type":664,"attrs":665},"link",{"href":666,"uuid":49,"anchor":49,"target":49,"linktype":667},"https://source.benchmarkminerals.com/article/fords-nickel-heavy-electric-f-150-pick-up-truck-off-to-a-good-start-in-june","url",{"text":669,"type":579},", said the two chemistries will coexist and create more capacity for high-demand products with minimal range loss, a move similar to that of Tesla.",{"type":574,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":579},"Ford said the LFP chemistry would lower costs by 10% to 15% over the NCM battery option besides reducing reliance on nickel.",{"type":574,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":579},"Still, Simon Moores, chief executive of Benchmark, said that would require Ford to invest in lithium to control the costs of LFP, which is dominated by lithium carbonate. Chinese battery-grade lithium carbonate prices have risen by over 400% over the past year, according to Benchmark’s Lithium Price Assessment.",{"type":574,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":579},"Benchmark estimates that LFP cells are around 3% cheaper than NCM 811 battery cells, in terms of dollars per KWh.",{"type":574,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":579},"“To achieve that Ford will need to get a grip on the price of lithium. The price of LFP is almost as volatile as lithium itself,” Moores said.",{"type":614,"attrs":691,"content":692},{"level":616,"textAlign":49},[693],{"text":694,"type":579},"Mining Tieups",{"type":574,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":579},"Ford said it has sourced most of the nickel it needed through 2026 and beyond and has signed non-binding MOUs with Vale Canada Ltd, PT Vale Indonesia and Huayou Cobalt for a host of collaborations across the electric vehicle value chain.",{"type":574,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":579},"The automaker said it is exploring a three-way nickel processing project and, separately, an off-take agreement with Huayou that collectively will provide Ford with rights to the equivalent of 84,000 tonnes a year of nickel.",{"type":574,"attrs":706,"content":707},{"textAlign":49},[708],{"text":709,"type":579},"If the nickel is from Vale and Huayou’s Pomalaa project it would be around 70% of its planned 120,000 tonne capacity, according to Greg Miller, an analyst at Benchmark. It could be enough nickel for around 1 million electric vehicles, he said.",{"type":574,"attrs":711,"content":712},{"textAlign":49},[713],{"text":714,"type":579},"“It’s another vote of confidence from a Western OEM about the suitability and sustainability of Indonesian HPAL,” he said.",{"type":574,"attrs":716,"content":717},{"textAlign":49},[718],{"text":719,"type":579},"It has also signed agreements with BHP for nickel supply from the company’s Nickel West operations in Australia. The targeted multi-year agreement could start as early as 2025 and may involve additional commodities over time.",{"type":574,"attrs":721,"content":722},{"textAlign":49},[723,725,731],{"text":724,"type":579},"Ford said it has locked several key ",{"text":726,"type":579,"marks":727},"lithium contracts",[728],{"type":664,"attrs":729},{"href":730,"uuid":49,"anchor":49,"target":49,"linktype":667},"https://source.benchmarkminerals.com/article/ford-follows-tesla-playbook-with-liontown-lithium-deal",{"text":732,"type":579}," including a bind supply agreement with Ioneer for supply from its project in Nevada. The 5-year binding agreement is for a total of 7,000 tpa of lithium carbonate from Ioneer’s Rhyolite Ridge project, it said.",{"type":574,"attrs":734,"content":735},{"textAlign":49},[736],{"text":737,"type":579},"The automaker also signed non-binding MOUs with Rio Tinto and Compass Minerals. It was exploring a “significant lithium off-take agreement” with Rio Tinto for supply from its Rincon project in Argentina, it said.",{"type":574,"attrs":739,"content":740},{"textAlign":49},[741],{"text":742,"type":579},"To produce 2 million electric vehicles would require between 125,000-175,000 tonnes LCE, according to Daisy Jennings-Gray, an analyst at Benchmark. If Ford is successful in going on to sign binding offtake agreements that actually come into fruition, the automaker could approach that number based on the latest non-binding announcements, but not easily by 2026, she said",{"type":574,"attrs":744,"content":745},{"textAlign":49},[746],{"text":747,"type":579},"“We will move fast in the key markets and regions where critical supplies are available, meeting with government officials, mining companies and processors and signing MOUs and agreements that reflect Ford’s ESG expectations and underpin Ford’s plan to bring EVs to millions,” said Lisa Drake, Ford Model e vice president, EV Industrialization.","Ford could need almost a fifth of the projected supply of Tier One global battery capacity by 2026, if it is to meet its goal of selling over 2 million electric vehicles, according to a Benchmark analysis. The legacy automaker said it had secured 60 gigawatt hours of annual battery capacity to enable it to […]",[750],{"slug":562,"name":563,"content":751},{"job_title":565,"image":752,"bio":568,"linkedin":569},{"filename":567},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"0dd6cbdc-c834-4568-8955-9d81f74d7a1f\", \"id\": \"\"}-->","article",[756,759],{"slug":757,"name":758},"batteries","Batteries",{"slug":760,"name":761},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":764,"name":764,"focus":764,"title":764,"source":764,"filename":765,"copyright":764,"fieldtype":766,"meta_data":767,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/e838d1db1f/bm-ford-electric-vehicle-owners-benefit-from-further-charge-network-expansion1-e1658499558376.jpg","asset",{"alt":764,"title":764,"source":764,"copyright":764},"Jul 22, 2022","22nd July 2022",[],[],1792773925195]