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investment slows in first half of 2023 as producers focus on existing plans","gigafactory-investment-slows-in-first-half-of-2023-as-producers-focus-on-existing-plans","article/gigafactory-investment-slows-in-first-half-of-2023-as-producers-focus-on-existing-plans",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":678,"featured":50,"reporter":679,"_editable":683,"component":684,"seo_title":553,"categories":685,"visibility":692,"author_company":49,"featured_image":693,"seo_description":678,"author_full_name":49,"author_job_title":49,"formattedDate":697,"formattedArticleDate":698},"86330492-b5ff-4e6c-81f8-ac02720a8290","2023-08-02 00:00",[560],{"slug":561,"name":562},"china","China",[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",[576,583,588,593,616,621,626,635,640,645,650,663,668,673],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"The pace of announced investments in new lithium ion gigafactories slowed significantly in the first half of 2023 as producers shift focus to bringing existing projects online instead of investing in new ones and some new entrants were forced to suspend projects due to financial woes.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"Battery producers had until last year raced to invest in new capacity but are now struggling with an uncertain downstream demand from the electric vehicle sector in China which got off to a weak start earlier this year.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"The lithium ion battery cell production capacity pipeline to 2030 grew 986.5 gigawatt hours (GWh) in the first six months of 2023, according to Benchmark Gigafactory Assessment. In comparison, 1,653 GWh was added in the first six months of 2022 and 1,362.9 GWh in the second half.",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596,598,606,608,614],{"text":597,"type":582},"Falling raw ",{"text":599,"type":582,"marks":600},"material prices",[601],{"type":602,"attrs":603},"link",{"href":604,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/china-ev-recovery-fails-to-stir-lithium-prices","url",{"text":607,"type":582}," and and robust supply amid an uncertain demand has also contributed to some lithium ion battery cells prices falling lower. Global weighted average lithium ion cell prices have fallen 15.7% so far this year, according to ",{"text":609,"type":582,"marks":610},"Benchmark Lithium Ion Battery Cell Price Assessment",[611],{"type":602,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://www.benchmarkminerals.com/price-assessments/lithium-ion-batteries/portal/",{"text":615,"type":582},". ",{"type":577,"attrs":617,"content":618},{"textAlign":49},[619],{"text":620,"type":582},"“With the US and the EU wanting to reduce reliance on China, it may become harder to export Chinese made cells to these markets in future and with a weakening local demand, there is potentially less need for a ramp up and further investment in local production,” said Aran Waid, analyst with Benchmark.",{"type":577,"attrs":622,"content":623},{"textAlign":49},[624],{"text":625,"type":582},"Chinese suppliers may need to make investments to access overseas markets instead but will have to wait for clarity on the definition of foreign entity of concern to know whether they will be Inflation Reduction Act compliant for the US market.",{"type":577,"attrs":627,"content":628},{"textAlign":49},[629],{"type":630,"attrs":631},"image",{"id":49,"alt":632,"src":633,"title":49,"source":49,"copyright":49,"meta_data":634},"","https://a.storyblok.com/f/287943243085208/5306e44da9/bm-gigafactory-h1-h2-capacity-chart.png",{},{"type":577,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":582},"Slowing pace",{"type":577,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":582},"In July, the lithium ion battery pipeline production capacity to 2030 grew by only 115 GWh (GWh) month-on-month to 8,929.9 GWh. ",{"type":577,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":582},"“Many producers are continuing to focus on developing and bringing online existing projects, rather than investing in new facilities,” Evan Hartley, analyst with Benchmark said.",{"type":577,"attrs":651,"content":652},{"textAlign":49},[653,655,661],{"text":654,"type":582},"The 13.9 GWh pipeline capacity growth in ",{"text":656,"type":582,"marks":657},"April was the smallest monthly increase",[658],{"type":602,"attrs":659},{"href":660,"uuid":49,"anchor":49,"target":49,"linktype":605},"https://source.benchmarkminerals.com/article/battery-gigafactory-plans-slow-down-in-april-after-record-2022",{"text":662,"type":582}," since November 2020, while July marked the third slowest addition this year, according to Benchmark Gigafactory Assessment. ",{"type":577,"attrs":664,"content":665},{"textAlign":49},[666],{"text":667,"type":582},"Between mid June and early July saw very limited new capacity commitments, with only one project announced in China. Zhejiang headquartered Narada Power Source was the only company to confirm aims to expand cell production plans and target a 20 GWh cell production capacity with an investment of RMB 10 billion ($1.4 billion).",{"type":577,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":582},"Narada aims to achieve nameplate capacity at the site by 2027 where it will focus on prismatic lithium ion iron phosphate (LFP) cells for use within China’s energy storage (ESS) market. Narada currently supplies LFP cells globally for use within ESS applications.",{"type":577,"attrs":674,"content":675},{"textAlign":49},[676],{"text":677,"type":582},"The number of plants being tracked increased from 264 at the beginning of 2022 to 399 plants in July this year, according to Benchmark. To be sure, some of the plants are yet to begin operations.","The pace of announced investments in new lithium ion gigafactories slowed significantly in the first half of 2023 as producers shift focus to bringing existing projects online instead of investing in new ones and some new entrants were forced to suspend projects due to financial woes. Battery producers had until last year raced to invest […]",[680],{"slug":565,"name":566,"content":681},{"job_title":568,"image":682,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"86330492-b5ff-4e6c-81f8-ac02720a8290\", \"id\": \"\"}-->","article",[686,689],{"slug":687,"name":688},"batteries","Batteries",{"slug":690,"name":691},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":632,"name":632,"focus":632,"title":632,"source":632,"filename":694,"copyright":632,"fieldtype":695,"meta_data":696,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/c4ab44146a/bm-hidden-gigafactory-vietnam-1.jpg","asset",{"alt":632,"title":632,"source":632,"copyright":632},"Aug 02, 2023","2nd August 2023",[],[],1792773912284]