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Economics",{"filename":576},"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":580,"content":581},"doc",[582,589,603,616,629,634,639,644,649,654,659,668],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"Tesla suppliers CATL and LG Energy Solution said this week that net profits fell shaprly in the first quarter due to rising battery raw material costs.","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592,594,601],{"text":593,"type":588},"China’s largest battery maker CATL said on Friday that its net profit fell 24% in the quarter to 1.49 billion RMB ($226 million) while South Korea’s ",{"text":565,"type":588,"marks":595},[596],{"type":597,"attrs":598},"link",{"href":599,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/lges-aims-to-surpass-catl-with-10-8-billion-battery-ipo","url",{"text":602,"type":588}," reported a 48% drop to 226.6 billion won ($180 million) earlier in the week.",{"type":583,"attrs":604,"content":605},{"textAlign":49},[606,608,614],{"text":607,"type":588},"The results highlight the significant impact of higher ",{"text":609,"type":588,"marks":610},"lithium",[611],{"type":597,"attrs":612},{"href":613,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://source.benchmarkminerals.com/article/chinas-catl-targets-domestic-lithium-resources-and-recycling-as-prices-soar",{"text":615,"type":588},", nickel and cobalt prices on battery producers, which is likely to lead to even higher battery prices for electric vehicles. In addition, Covid-19 lockdowns across China have also impacted demand as well as production at automakers such as Tesla and Nio this year.",{"type":583,"attrs":617,"content":618},{"textAlign":49},[619,621,627],{"text":620,"type":588},"Benchmark’s NCM (nickel, cobalt, manganese) High-Nickel ",{"text":622,"type":588,"marks":623},"Raw Material Index",[624],{"type":597,"attrs":625},{"href":626,"uuid":49,"anchor":49,"target":49,"linktype":600},"https://www.benchmarkminerals.com/lithium-ion-battery-raw-material-index/",{"text":628,"type":588}," has risen by 84% year-to-date, mainly due to rising lithium and nickel prices. The lithium-iron phosphate (LFP) index is also up by 90% over the same time period.",{"type":583,"attrs":630,"content":631},{"textAlign":49},[632],{"text":633,"type":588},"CATL said “rapidly rising prices” of some upstream raw materials caused its costs to rise by 199% in the quarter from a year earlier to 42 billion RMB ($6.3 billion). Its net cash flow from operations also fell by 35% in the quarter due to funding required to “enhance supply chain security” for battery raw materials.",{"type":583,"attrs":635,"content":636},{"textAlign":49},[637],{"text":638,"type":588},"CATL said revenues rose by 154% in the first quarter to 48.68 billion RMB, but fell by 15% from the previous quarter. The company also reported 1.79 RMB ($271 million) of derivative financial liabilities, without giving further details.",{"type":583,"attrs":640,"content":641},{"textAlign":49},[642],{"text":643,"type":588},"LGES said on Tuesday that “rising costs of raw materials, ongoing global semiconductor shortage and supply chain disruption caused by the military conflict between Russia and Ukraine and periodic COVID lockdowns,” impacted its revenues in the first quarter.",{"type":583,"attrs":645,"content":646},{"textAlign":49},[647],{"text":648,"type":588},"LGES, which listed on the South Korea stock exchange in January, said revenues rose by 2% from the same quarter last year to KRW 4.34 trillion ($3.4 billion).",{"type":583,"attrs":650,"content":651},{"textAlign":49},[652],{"text":653,"type":588},"The company said that it had instigated a “cost pass-through mechanism” to cover the rising prices of lithium, cobalt and nickel, as well as copper, aluminium and manganese.",{"type":583,"attrs":655,"content":656},{"textAlign":49},[657],{"text":658,"type":588},"In addition LGES said it will secure raw materials through long-term agreements and strategic equity investments.",{"type":583,"attrs":660,"content":661},{"textAlign":49},[662,664,666],{"text":663,"type":588},"The company said it was confident of meeting its sales target of ",{"text":665,"type":588},"KRW 19.2 trillion this year",{"text":667,"type":588},", an increase of 8% from 2021, as “major partnering automakers plan to expand their EV lineups.”",{"type":583,"attrs":669,"content":670},{"textAlign":49},[671],{"text":672,"type":588},"LGES said its annual production capacity would expand from 200 GWh this year to 520 GWh by 2025.","Tesla suppliers CATL and LG Energy Solution said this week that net profits fell shaprly in the first quarter due to rising battery raw material costs. China’s largest battery maker CATL said on Friday that its net profit fell 24% in the quarter to 1.49 billion RMB ($226 million) while South Korea’s LGES reported a […]",[675],{"slug":571,"name":572,"content":676},{"job_title":574,"image":677,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"06212a1d-0306-46f5-8444-9d7caa6f06b1\", \"id\": \"\"}-->","article",[681],{"slug":682,"name":683},"critical-minerals","Critical Minerals","private",{"id":49,"alt":686,"name":686,"focus":686,"title":686,"source":686,"filename":687,"copyright":686,"fieldtype":688,"meta_data":689,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/9e81149be5/bm-catl-headquarters-2-e1651235886273.jpg","asset",{"alt":686,"title":686,"source":686,"copyright":686},"Apr 29, 2022","29th April 2022",[],[],1792688588683]