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signs $2.2 billion cathode contract with LG Chem as automakers look to secure material","toyota-signs-2-2-billion-cathode-contract-with-lg-chem-as-automakers-look-to-secure-material","article/toyota-signs-2-2-billion-cathode-contract-with-lg-chem-as-automakers-look-to-secure-material",{"_uid":557,"date":558,"tags":559,"editor":572,"content":582,"excerpt":715,"featured":50,"reporter":716,"_editable":720,"component":721,"seo_title":553,"categories":722,"visibility":728,"author_company":49,"featured_image":729,"seo_description":715,"author_full_name":49,"author_job_title":49,"formattedDate":734,"formattedArticleDate":735},"8d2ec2a5-4e7f-403c-8b67-15839956bb38","2023-10-13 00:00",[560,563,566,569],{"slug":561,"name":562},"lg-chem","LG Chem",{"slug":564,"name":565},"toyota","Toyota",{"slug":567,"name":568},"umicore","Umicore",{"slug":570,"name":571},"volkswagen","Volkswagen",[573],{"slug":574,"name":575,"content":576},"didi-bostock","Didi Bostock",{"job_title":577,"image":578,"bio":580,"linkedin":581},"Editor - Energy Transition & Economics",{"filename":579},"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":583,"content":584},"doc",[585,602,615,620,625,646,651,664,669,674,687],{"type":586,"attrs":587,"content":588},"paragraph",{"textAlign":49},[589,592,600],{"text":590,"type":591},"Toyota has signed a KRW 2.9 trillion ($2.2 billion) ","text",{"text":593,"type":591,"marks":594},"contract",[595],{"type":596,"attrs":597},"link",{"href":598,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20231010800654","url",{"text":601,"type":591}," with LG Chem to supply cathode material to its North American operations until 2030.",{"type":586,"attrs":603,"content":604},{"textAlign":49},[605,607,613],{"text":606,"type":591},"The deal comes not long after the Japanese ",{"text":608,"type":591,"marks":609},"automaker announced it would secure 20 gigawatt-hours of cells a year",[610],{"type":596,"attrs":611},{"href":612,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/lg-energy-solution-to-supply-toyota-20-gwh-of-batteries-from-michigan-with-new-production-lines",{"text":614,"type":591}," from LG Energy Solution, a subsidiary of LG Chem, from its gigafactory in Michigan.",{"type":586,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":591},"This comes as automakers are increasingly looking to secure supplies through partnerships and deals across the whole supply chain.",{"type":586,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":591},"“As more and more automakers invest in, and plan, in house cell production, it is inevitable that they will continue to sign large volume contracts with cathode suppliers in order to facilitate this,” Anya Sidhu, an analyst at Benchmark, said.",{"type":586,"attrs":626,"content":627},{"textAlign":49},[628,630,636,638,644],{"text":629,"type":591},"Such deals could be increasingly important as automakers look to diversify their supply chains in response to China’s dominance. This year, China is expected to account for 83% of cathode production according to ",{"text":631,"type":591,"marks":632},"Benchmark’s Cathode Forecast",[633],{"type":596,"attrs":634},{"href":635,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://www.benchmarkminerals.com/forecasts/cathode/reports",{"text":637,"type":591},". 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The facility is part of Ionway’s ambition to grow its European production capacity to 160 GWh of battery materials per year by the end of the decade.",{"type":586,"attrs":665,"content":666},{"textAlign":49},[667],{"text":668,"type":591},"The facility is supported by €350 million ($370 million) in cash grants from the Polish government through the EU’s Temporary Crisis and Transition Framework.",{"type":586,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":591},"“VW’s project with Umicore is the continuation of a global trend in which automakers pursue vertical integration strategies in order to protect themselves against price volatility, and potential material supply shortages,” Sidhu said.",{"type":586,"attrs":675,"content":676},{"textAlign":49},[677,679,685],{"text":678,"type":591},"In August this year, Ford announced that it, too, was looking to secure cathode material. The automaker, along with cathode producer EcoProBM and battery maker SK On plan to jointly invest C$1.2 billion (US $885 million) to ",{"text":680,"type":591,"marks":681},"build a cathode plant in Beancour, Canada",[682],{"type":596,"attrs":683},{"href":684,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/ford-ecopro-and-sk-on-turn-to-canadas-ev-battery-hub-for-cathode-factory",{"text":686,"type":591},".",{"type":586,"attrs":688,"content":689},{"textAlign":49},[690,692,698,700,706,708,714],{"text":691,"type":591},"The facility is expected to be operational from 2026 with a capacity of 45,000 tonnes of cathode material annually.US automaker ",{"text":693,"type":591,"marks":694},"General Motor has also made moves",[695],{"type":596,"attrs":696},{"href":697,"uuid":49,"anchor":49,"target":49,"linktype":599},"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":699,"type":591}," in the cathode space. Its Ultium Cells is a joint venture with LG Chem and in July last year they signed a deal for ",{"text":701,"type":591,"marks":702},"LG Chem to supply 950,000 tonnes of cathode material to the JV",[703],{"type":596,"attrs":704},{"href":705,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/gm-locks-up-lithium-and-cathode-supply-with-livent-and-gm-deals",{"text":707,"type":591}," over eight years. In the same month, General Motors agreed a $10.6 billion order for cathode material from ",{"text":709,"type":591,"marks":710},"South Korea’s Posco Chemicals",[711],{"type":596,"attrs":712},{"href":713,"uuid":49,"anchor":49,"target":49,"linktype":599},"https://source.benchmarkminerals.com/article/gm-steps-up-us-battery-supply-chain-plans-with-posco-cathode-agreement",{"text":686,"type":591},"Toyota has signed a KRW 2.9 trillion ($2.2 billion) contract with LG Chem to supply cathode material to its North American operations until 2030. The deal comes not long after the Japanese automaker announced it would secure 20 gigawatt-hours of cells a year from LG Energy Solution, a subsidiary of LG Chem, from its gigafactory […]",[717],{"slug":574,"name":575,"content":718},{"job_title":577,"image":719,"bio":580,"linkedin":581},{"filename":579},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"8d2ec2a5-4e7f-403c-8b67-15839956bb38\", \"id\": \"\"}-->","article",[723,726],{"slug":724,"name":725},"batteries","Batteries",{"slug":727,"name":299},"cathode","private",{"id":49,"alt":730,"name":730,"focus":730,"title":730,"source":730,"filename":731,"copyright":730,"fieldtype":732,"meta_data":733,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/c9b817b381/bm-operators-working-in-the-cathode-production-in-nysa-poland.jpg","asset",{"alt":730,"title":730,"source":730,"copyright":730},"Oct 13, 2023","13th October 2023",[],[],1792773909468]