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buildout  ","lg-chem-gm-cathode-deal-illustrates-successes-of-ira-supply-chain-buildout","article/lg-chem-gm-cathode-deal-illustrates-successes-of-ira-supply-chain-buildout",{"_uid":547,"date":548,"tags":549,"editor":559,"content":569,"excerpt":718,"featured":51,"reporter":719,"_editable":723,"component":724,"seo_title":543,"categories":725,"visibility":734,"author_company":49,"featured_image":735,"seo_description":718,"author_full_name":49,"author_job_title":49,"formattedDate":740,"formattedArticleDate":741},"efdcfdb9-cf13-434b-a333-5bdba63fb612","2024-02-15 00:00",[550,553,556],{"slug":551,"name":552},"china","China",{"slug":554,"name":555},"inflation-reduction-act","Inflation Reduction Act",{"slug":557,"name":558},"us","US",[560],{"slug":561,"name":562,"content":563},"matthew-bird","Matthew Bird",{"job_title":564,"image":565,"bio":567,"linkedin":568},"Senior Editor - Supply Chains & Data Visualisation",{"filename":566},"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":570,"content":571},"doc",[572,579,618,631,636,649,660,667,680,685,690,695,700,705],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576],{"text":577,"type":578},"South Korea’s LG Chem has secured a cathode supply deal with US automaker General Motors in a move that will lower North America’s reliance on Chinese cathode material.","text",{"type":573,"attrs":580,"content":581},{"textAlign":49},[582,584,592,594,600,602,608,610,616],{"text":583,"type":578},"The KRW 25 trillion ($18.7 billion) deal shows LG Chem’s ",{"text":585,"type":578,"marks":586},"growing role",[587],{"type":588,"attrs":589},"link",{"href":590,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/gm-locks-up-lithium-and-cathode-supply-with-livent-and-gm-deals","url",{"text":593,"type":578}," in the US, where more ",{"text":595,"type":578,"marks":596},"automakers including GM",[597],{"type":588,"attrs":598},{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/we-see-this-as-an-opportunity-to-build-the-supply-chain-from-the-ground-up-the-right-way-qa-with-gms-tanya-skilton",{"text":601,"type":578}," are looking to ",{"text":603,"type":578,"marks":604},"diversify their supply chains",[605],{"type":588,"attrs":606},{"href":607,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/toyota-signs-2-2-billion-cathode-contract-with-lg-chem-as-automakers-look-to-secure-material",{"text":609,"type":578}," and are turning to localised supply to meet the subsidy criteria set by the ",{"text":611,"type":578,"marks":612},"US Inflation Reduction Act",[613],{"type":588,"attrs":614},{"href":615,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/one-year-on-the-ira-has-changed-the-battery-landscape-in-the-us",{"text":617,"type":578}," (IRA).",{"type":573,"attrs":619,"content":620},{"textAlign":49},[621,623,629],{"text":622,"type":578},"“The deal highlights how large scale supply chains have been set up in light of the IRA,” said Evan Hartley, analyst at Benchmark. “LG having a local supply of cathode for GM, with the potential to use non Chinese feedstock, having invested in South Korean and",{"text":624,"type":578,"marks":625}," Moroccan",[626],{"type":588,"attrs":627},{"href":628,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/chinas-midstream-majors-flock-to-moroccos-fledgling-cathode-hub",{"text":630,"type":578}," pCAM over the past year, has created a significant post-IRA supply chain.”",{"type":573,"attrs":632,"content":633},{"textAlign":49},[634],{"text":635,"type":578},"The latest agreement, which will see LG Chem supply 500,000 tonnes of cathode materials until 2035 to GM, is an extension of a partnership between the two companies revealed in July 2022. ",{"type":573,"attrs":637,"content":638},{"textAlign":49},[639,641,647],{"text":640,"type":578},"North American cathode production is set to grow more than thirty-six fold to almost 570,000 tonnes in 2035 from around 17,000 tonnes in 2024, according to ",{"text":642,"type":578,"marks":643},"Benchmark’s Cathode Forecast",[644],{"type":588,"attrs":645},{"href":646,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://www.benchmarkminerals.com/forecasts/cathode/reports/",{"text":648,"type":578},".",{"type":573,"attrs":650,"content":651},{"textAlign":49},[652,654,658],{"text":653,"type":578},"China is expected to account for 81% of global cathode production in 2024, according to ",{"text":642,"type":578,"marks":655},[656],{"type":588,"attrs":657},{"href":646,"uuid":49,"anchor":49,"target":49,"linktype":591},{"text":659,"type":578},". In contrast, North America and Europe are expected to together produce less than 2% of the global supplies this year.",{"type":661,"attrs":662,"content":664},"heading",{"level":663,"textAlign":49},4,[665],{"text":666,"type":578},"Localising supply chains",{"type":573,"attrs":668,"content":669},{"textAlign":49},[670,672,678],{"text":671,"type":578},"LG Chem is aiming to begin producing cathode materials at its ",{"text":673,"type":578,"marks":674},"under construction plant in Tennessee",[675],{"type":588,"attrs":676},{"href":677,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/lg-chem-tennessee-cathode-plant-could-double-north-american-production",{"text":679,"type":578}," with an annual production capacity of 60,000 tonnes in 2026. The plant will supply cathode materials to GM’s joint venture battery cell plants in North America, including Ultium Cells, a joint venture between GM and LG Energy Solution.",{"type":573,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":578},"The battery maker is spending KRW 2 trillion ($1.6 billion) to set up the first phase of its Tennessee plant. Back in November 2022, LG Chem had said it would invest $3 billion to build its cathode plant in Tennessee with an annual capacity of 120,000 tonnes by 2027.",{"type":573,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":578},"Last December, the battery maker said that its Tennessee facility will secure minerals and precursors from countries with US free trade agreements (FTAs), including precursors from Ulsan from Korea Precursor Company (KPC), a joint venture between LG Chem and Korea Zinc.",{"type":573,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":578},"The latest supply deal is a subset of the previous one and spans from 2026 through 2035 in which LG Chem will supply half a million tonnes of nickel, cobalt, manganese, aluminium cathode materials. LG Chem said the material is enough to power five million electric vehicles with a range of more than 500 kilometres (311 miles) on a single charge. ",{"type":573,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":578},"“There’s great potential for similar deals from automakers and cell producers heavily invested in gigafactory construction in North America, with the Tier 1 cathode producers having spent so much of the past year moving away from Chinese supply,” said Hartley.",{"type":573,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":578},"LG Chem said the cathode materials may also be used by GM in other electric vehicle projects. In October, LG Chem had signed a KRW 2.9 trillion ($2.2 billion) deal with Toyota to supply cathode material to its North American operations until 2030.",{"type":573,"attrs":706,"content":707},{"textAlign":49},[708,710,716],{"text":709,"type":578},"GM had also signed a six-year supply contract with ",{"text":711,"type":578,"marks":712},"Livent",[713],{"type":588,"attrs":714},{"href":715,"uuid":49,"anchor":49,"target":49,"linktype":591},"https://source.benchmarkminerals.com/article/being-fully-integrated-is-the-only-way-this-industry-will-develop-to-meet-all-the-needs-of-consumers-qa-with-livent-ceo-paul-graves",{"text":717,"type":578}," in July 2022 to secure battery-grade lithium hydroxide primarily from its brine-based operations in Argentina starting in 2025.","South Korea’s LG Chem has secured a cathode supply deal with US automaker General Motors in a move that will lower North America’s reliance on Chinese cathode material. The KRW 25 trillion ($18.7 billion) deal shows LG Chem’s growing role in the US, where more automakers including GM are looking to diversify their supply chains […]",[720],{"slug":561,"name":562,"content":721},{"job_title":564,"image":722,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"efdcfdb9-cf13-434b-a333-5bdba63fb612\", \"id\": \"\"}-->","article",[726,729,731],{"slug":727,"name":728},"batteries","Batteries",{"slug":730,"name":298},"cathode",{"slug":732,"name":733},"geopolitics","Geopolitics","private",{"id":49,"alt":736,"name":736,"focus":736,"title":736,"source":736,"filename":737,"copyright":736,"fieldtype":738,"meta_data":739,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/880477c85f/bm-lgchem.jpg","asset",{"alt":736,"title":736,"source":736,"copyright":736},"Feb 15, 2024","15th February 2024",[],[],1783529650923]