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targets $70 kWh batteries as it signs nickel deal with Vale","gm-targets-70-kwh-batteries-as-it-signs-nickel-deal-with-vale","article/gm-targets-70-kwh-batteries-as-it-signs-nickel-deal-with-vale",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":655,"featured":51,"reporter":656,"_editable":660,"component":661,"seo_title":553,"categories":662,"visibility":666,"author_company":49,"featured_image":667,"seo_description":655,"author_full_name":49,"author_job_title":49,"formattedDate":672,"formattedArticleDate":673},"8883ea5a-0b34-4f49-b59d-9f23a5ced8b2","2022-11-18 00:00",[560],{"slug":561,"name":562},"benchmark-week-2022","Benchmark Week 2022",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"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":574,"content":575},"doc",[576,583,588,593,598,603,608,613,618,623,628,635,640,645,650],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"GM said it would focus on reducing its battery cells costs to below $70 a kilowatt-hour by “mid-to late-decade,” helped by a buildout of the North American battery supply chain and support from the Inflation Reduction Act.  ","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"The automaker said it would reach $87/kWh as soon as 2025, as it started battery production in the US. Benchmark currently assesses the cost of pouch nickel cobalt manganese (NCM 811) cells in North America as $149.20/kWh, including a margin. ",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"“We really see that magic number of $70/kWh as the cost parity between ICE [internal combustion vehicles] and electric vehicles,” Jasper Jung, head of global strategic initiatives at GM told the Benchmark Week conference in Los Angeles. “It’s a challenge to get there, but this will be significant and the IRA will help us to get there.” ",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"The statement came as GM said its electric vehicles would be “solidly profitable” in North America by 2025, thanks to lower battery costs from its Ultium battery joint venture with LG Energy Solution and the up to $7,500 in tax credits for new electric vehicles provided in the IRA. ",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"Mary Barra, GM’s chief executive, said the company’s Ultium battery platform and “vertical integration will allow us to continuously improve battery performance and costs.”",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"GM said it had secured all of the battery materials it needed to produce 1 million EVs in North America by 2025. Beyond then it said it would continue to secure battery raw materials beyond then through “strategic supply agreements and direct investments in natural resource recovery, processing and recycling.” ",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"On Thursday GM signed a deal to secure nickel sulphate from Vale’s proposed processing plant in Quebec. The IRA says that automakers must secure a certain percentage of battery materials from North America or free trade agreement countries, in order for consumers to receive half of the $7,500 in tax credits.",{"type":577,"attrs":614,"content":615},{"textAlign":49},[616],{"text":617,"type":582},"GM has also signed an agreement with lithium producer Livent for supply from Argentina and North America starting in 2025. ",{"type":577,"attrs":619,"content":620},{"textAlign":49},[621],{"text":622,"type":582},"GM’s battery production has also received direct support from the government. In July the US Department of Energy said it would loan $2.6 billion to GM and its joint venture partner LG Energy Solution for its battery manufacturing facilities in Ohio, Tennessee, and Michigan. A fourth battery plant in the US is also planned, GM said. ",{"type":577,"attrs":624,"content":625},{"textAlign":49},[626],{"text":627,"type":582},"The plants are also eligible for the up to $45 a kilowatt-hour of production tax credits provided in the Inflation Reduction Act. ",{"type":629,"attrs":630,"content":632},"heading",{"level":631,"textAlign":49},2,[633],{"text":634,"type":582},"Canadian nickel",{"type":577,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":582},"Vale said it will supply nickel sulphate equivalent to 25,000 tonnes per year of contained nickel for use in GM’s Ultium battery cathodes from the proposed plant. That’s enough for around 350,000 EVs a year, it said. ",{"type":577,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":582},"The nickel for the plant in Bécancour, Québec, would come from Vale’s Canadian refineries, it said.  ",{"type":577,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":582},"“Canada continues to play an important role in GM’s all-electric future and the material sourced from Vale will help support EV eligibility for consumer incentives under the new clean energy tax credits in the US,” Doug Parks, executive vice president of global product development at GM, said. ",{"type":577,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":582},"South Korea’s Posco Chemical is building a cathode production facility in Bécancour along with GM, which is set to begin production in 2024. ","GM said it would focus on reducing its battery cells costs to below $70 a kilowatt-hour by “mid-to late-decade,” helped by a buildout of the North American battery supply chain and support from the Inflation Reduction Act. The automaker said it would reach $87/kWh as soon as 2025, as it started battery production in the […]",[657],{"slug":565,"name":566,"content":658},{"job_title":568,"image":659,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8883ea5a-0b34-4f49-b59d-9f23a5ced8b2\", \"id\": \"\"}-->","article",[663],{"slug":664,"name":665},"batteries","Batteries","private",{"id":49,"alt":668,"name":668,"focus":668,"title":668,"source":668,"filename":669,"copyright":668,"fieldtype":670,"meta_data":671,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/1b64e31fcb/bm-gmevday041.jpg","asset",{"alt":668,"title":668,"source":668,"copyright":668},"Nov 18, 2022","18th November 2022",[],[],1792769831284]