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Economics",{"filename":566},"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":570,"content":571},"doc",[572,589,594,599,604,613,620,625,636,641,651],{"type":573,"attrs":574,"content":575},"paragraph",{"textAlign":49},[576,579,587],{"text":577,"type":578},"South Korean-owned gigafactories will account for 43% of the growth in US battery production over the next five years, according to Benchmark’s ","text",{"text":580,"type":578,"marks":581},"Lithium ion Battery Database",[582],{"type":583,"attrs":584},"link",{"href":585,"uuid":49,"anchor":49,"target":49,"linktype":586},"https://www.benchmarkminerals.com/lithium-ion-batteries/data-reports/forecast/","url",{"text":588,"type":578},".",{"type":573,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":578},"Incentivised by the Inflation Reduction Act (IRA), total US-based battery supply is forecast to increase ninefold by 2029. ",{"type":573,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":578},"“Technological capabilities and the reliable, established production processes of South Korean cell makers like LGES, Samsung and SK On have made them attractive partners for US automakers to establish strategic partnerships to support electrification plans,” said Aran Waid, an analyst at Benchmark. ",{"type":573,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":578},"“The potential of the US EV market makes it a key market for ex-China cell producers to capitalise on and the IRA provides additional incentives for foreign cell makers to establish local facilities in the US to benefit from tax credits,” he added.",{"type":573,"attrs":605,"content":606},{"textAlign":49},[607],{"type":608,"attrs":609},"image",{"id":49,"alt":610,"src":611,"title":49,"source":49,"copyright":49,"meta_data":612},"","https://a.storyblok.com/f/287943243085208/d707b0ec2c/bm-the-majority-of-us-battery-supply-growth-comes-from-foreign-owned-projects.png",{},{"type":614,"attrs":615,"content":617},"heading",{"level":616,"textAlign":49},4,[618],{"text":619,"type":578},"Overseas investment in US battery production",{"type":614,"attrs":621,"content":622},{"level":616,"textAlign":49},[623],{"text":624,"type":578},"South Korean cell manufacturers and US automakers",{"type":573,"attrs":626,"content":627},{"textAlign":49},[628,630,634],{"text":629,"type":578},"South Korean companies are the primary driver of the growth in foreign-owned projects in the US. Of the 10 new gigafactories expected to begin production by 2030, four are joint ventures between South Korean cell manufacturers and US automakers, according to Benchmark’s ",{"text":580,"type":578,"marks":631},[632],{"type":583,"attrs":633},{"href":585,"uuid":49,"anchor":49,"target":49,"linktype":586},{"text":635,"type":578},". ",{"type":573,"attrs":637,"content":638},{"textAlign":49},[639],{"text":640,"type":578},"“By partnering with US automakers to build gigafactories, both parties benefit as automakers secure a reliable supply of batteries for their growing EV production, while battery manufacturers secure demand for their cells,” said Waid.",{"type":573,"attrs":642,"content":643},{"textAlign":49},[644,646,650],{"text":645,"type":578},"Production from South Korean companies in the US is forecast to increase more than 300 gigawatt-hours (GWh) by the end of the decade, according to Benchmark’s ",{"text":580,"type":578,"marks":647},[648],{"type":583,"attrs":649},{"href":585,"uuid":49,"anchor":49,"target":49,"linktype":586},{"text":588,"type":578},{"type":573,"attrs":652,"content":653},{"textAlign":49},[654],{"text":655,"type":578},"US automakers benefit from the scale and expertise of established South Korean cell manufacturers when partnering on domestic battery projects.","South Korean-owned gigafactories will account for 43% of the growth in US battery production over the next five years, according to Benchmark’s Lithium ion Battery Database. Incentivised by the Inflation Reduction Act (IRA), total US-based battery supply is forecast to increase ninefold by 2029. “Technological capabilities and the reliable, established production processes of South Korean […]",[658],{"slug":561,"name":562,"content":659},{"job_title":564,"image":660,"bio":567,"linkedin":568},{"filename":566},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a23f3f99-c93c-4fd9-8bb6-b314f0e6b6e4\", \"id\": \"\"}-->","article",[664,667],{"slug":665,"name":666},"batteries","Batteries",{"slug":668,"name":669},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":672,"name":610,"focus":610,"title":672,"source":610,"filename":673,"copyright":610,"fieldtype":674,"meta_data":675,"is_external_url":51},"Stacked column chart showing primary ownership of US battery production in 2024 and 2029 - the majority of growth comes from foreign-owned projects, South Korean in particular","https://res.cloudinary.com/benchmarkminerals/images/f_auto,q_auto/v1727874085/www-production/The-majority-of-US-battery-supply-growth-comes-from-foreign-owned-projects-1_1325169b517e/The-majority-of-US-battery-supply-growth-comes-from-foreign-owned-projects-1_1325169b517e.png?_i=AA","asset",{"alt":672,"title":672,"source":610,"copyright":610},{"id":49,"alt":610,"name":610,"focus":610,"title":610,"source":610,"filename":677,"copyright":610,"fieldtype":674,"meta_data":678,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/161c6e7819/bm-south-korean-companies-drive-expected-us-battery-supply-growth.jpg",{"alt":610,"title":610,"source":610,"copyright":610},"Oct 03, 2024","3rd October 2024",[],[],1784729288805]