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IRA poses challenges for South Korean companies as they build out North American battery capacity","us-ira-poses-challenges-for-south-korean-companies-as-they-build-out-north-american-battery-capacity","article/us-ira-poses-challenges-for-south-korean-companies-as-they-build-out-north-american-battery-capacity",{"_uid":557,"date":558,"tags":559,"editor":569,"content":579,"excerpt":760,"featured":51,"reporter":761,"_editable":765,"component":766,"seo_title":553,"categories":767,"visibility":777,"author_company":49,"featured_image":778,"seo_description":760,"author_full_name":49,"author_job_title":49,"formattedDate":782,"formattedArticleDate":783},"c2a5c884-ec6b-49b6-97a8-f1580d9dc21e","2022-10-18 00:00",[560,563,566],{"slug":561,"name":562},"inflation-reduction-act","Inflation Reduction Act",{"slug":564,"name":565},"south-korea","South Korea",{"slug":567,"name":568},"usa","USA",[570],{"slug":571,"name":572,"content":573},"didi-bostock","Didi Bostock",{"job_title":574,"image":575,"bio":577,"linkedin":578},"Editor - Energy Transition & 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",[582,589,594,599,604,609,614,619,624,629,638,645,650,655,660,665,670,675,680,685,690,695,700,705,710,715,720,725,730,735,740,745,750,755],{"type":583,"attrs":584,"content":585},"paragraph",{"textAlign":49},[586],{"text":587,"type":588},"South Korean companies are set to account for half of US battery production by the end of the decade as they expand to meet demand from the country’s automakers, increasing the pressure for a resolution of concerns about provisions in President Biden’s recently passed Inflation Reduction Act.","text",{"type":583,"attrs":590,"content":591},{"textAlign":49},[592],{"text":593,"type":588},"South Korean battery plants in the US are set to reach a production of 338 gigawatt-hours (GWh) a year by 2030 and 355 GWh by 2040, which accounts for about 53% and 48% of the total future planned US cell production, according to Benchmark’s Lithium Ion Database.",{"type":583,"attrs":595,"content":596},{"textAlign":49},[597],{"text":598,"type":588},"The forecast highlights the reliance of US automakers on South Korean companies, which are set to not only produce batteries but also supply battery materials to the North American market.  LGES, SK Innovation and Samsung SDI are building at least a dozen plants in North America individually or in collaboration with US automobile companies.",{"type":583,"attrs":600,"content":601},{"textAlign":49},[602],{"text":603,"type":588},"Yet the passing of the IRA has led to a backlash from Seoul, who says it disadvantages Korean carmakers, who don’t assemble their vehicles in the US. Hyundai and its sister concern Kia make their electric vehicles overseas and are thus ineligible for electric vehicle tax credits in the legislation.",{"type":583,"attrs":605,"content":606},{"textAlign":49},[607],{"text":608,"type":588},"In addition, Korean companies heavily rely on the Chinese supply chain for raw materials which could fall foul of the IRA’s provisions that no “entities of foreign concern” be included in the supply chain, if automakers want to receive tax credits.",{"type":583,"attrs":610,"content":611},{"textAlign":49},[612],{"text":613,"type":588},"“The companies will have to set up separate trade routes and supply chains for the US market,” Caspar Rawles, chief data officer of Benchmark, said.",{"type":583,"attrs":615,"content":616},{"textAlign":49},[617],{"text":618,"type":588},"Currently China refines 69% of the nickel sulphate and 65% of the world’s cobalt, according to Benchmark. South Korea imports the bulk of its precursor materials (PCAM) from China.",{"type":583,"attrs":620,"content":621},{"textAlign":49},[622],{"text":623,"type":588},"Last week the US Department of Energy held meetings with Korean companies including LGES, SK Innovation, Samsung SDI, Lotte Chemical and Posco Chemical, to discuss the IRA, according to South Korean media.",{"type":583,"attrs":625,"content":626},{"textAlign":49},[627],{"text":628,"type":588},"“Regarding the future implication of IRA, as its specific ordinances are due later this year, it is difficult to discuss the potential impact of IRA in a detailed manner at the time,” a spokesperson for LGES told  Benchmark. “Meanwhile, LG Energy Solution is coming up with a variety of initiatives to maintain its strong competitiveness in the North American market.”",{"type":583,"attrs":630,"content":631},{"textAlign":49},[632],{"type":633,"attrs":634},"image",{"id":49,"alt":635,"src":636,"title":49,"source":49,"copyright":49,"meta_data":637},"","https://a.storyblok.com/f/287943243085208/35cdac14be/bm-south-korea-batteries-us-ira.png",{},{"type":639,"attrs":640,"content":642},"heading",{"level":641,"textAlign":49},4,[643],{"text":644,"type":588},"The Koreans are coming ",{"type":583,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":588},"LGES is expected to be the dominant Korean battery producer in North America this decade, with a 61% market share by 2030, followed by SK Innovation and Samsung SDI, according to Benchmark.",{"type":583,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":588},"LGES and GM have plans to build four gigafactories, as part of their Ultium Cells joint venture. Earlier this month Ultium Cells began production at its first factory in Warren, Ohio.",{"type":583,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":588},"Japan’s Honda and LGES on Tuesday also confirmed Ohio as the site of their planned $4.4 billion joint-venture EV battery plant.",{"type":583,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":588},"Stellantis has also partnered with Samsung SDI for a gigafactory in Indiana while SK Innovation subsidiary SK On and Ford have three planned gigafactories under their “BlueOval SK” joint venture.",{"type":639,"attrs":666,"content":667},{"level":641,"textAlign":49},[668],{"text":669,"type":588},"Raw material challenge ",{"type":583,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":588},"Yet securing the raw materials without China will be a challenge.",{"type":583,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":588},"The IRA requires electric vehicle makers to extract or process a certain percentage of the value of the critical EV battery minerals from countries with which the US has a free trade agreement (FTA) to obtain $3,750 in EV tax credits. By 2024 a total of 40% of the value of the critical minerals in the battery needs to come from the US or a free trade agreement country. That contribution rises by 10% a year to reach 80% by 2027.",{"type":583,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":588},"In addition, no companies from China should be involved in extracting, processing or recycling the materials, according to the bill.",{"type":583,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":588},"While Korea is a free trade agreement country, most of the battery minerals Korea uses come from China.",{"type":583,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":588},"Both LGES and Posco have joint ventures with Chinese cobalt and nickel producer Huayou Cobalt, while China’s CNGR supplies LG Chem, Samsung SDI and SK On. Korea’s cathode producer EcoPro also has a joint venture with China’s Gem Co.",{"type":583,"attrs":696,"content":697},{"textAlign":49},[698],{"text":699,"type":588},"Posco’s 65:35 joint-venture with Huayou, Posco Hy Clean Metal, is building a plant that will recycle battery materials in South Korea, importing black mass from its recycling plant in Poland and elsewhere.",{"type":583,"attrs":701,"content":702},{"textAlign":49},[703],{"text":704,"type":588},"“The devil will be in the details to what extent JVs with Chinese companies are eligible,” Rawles said.",{"type":639,"attrs":706,"content":707},{"level":641,"textAlign":49},[708],{"text":709,"type":588},"Re-orientating supply chains ",{"type":583,"attrs":711,"content":712},{"textAlign":49},[713],{"text":714,"type":588},"This month LGES signed an agreement with South Korea’s Posco on cathode and anode materials to help strengthen long term collaboration, in part to deal with the challenges posed by the IRA, the two companies said.",{"type":583,"attrs":716,"content":717},{"textAlign":49},[718],{"text":719,"type":588},"Posco would “acclerate” its regional production following the IRA, Posco said. The company has started construction of a nickel refining plant in South Korea and also said it would import lithium from Argentina to process into lithium hydroxide in the country.",{"type":583,"attrs":721,"content":722},{"textAlign":49},[723],{"text":724,"type":588},"“With Posco and LG Energy Solution cooperating closely now as in the past, the two companies can protect themselves from various issues such as the US IRA,” Young-soo Kwon, the chief executive of LGES, said.",{"type":583,"attrs":726,"content":727},{"textAlign":49},[728],{"text":729,"type":588},"This week LGES also signed a non-binding agreement with Syrah Resources to test its natural graphite from its Vidalia production facility in Louisiana, which is due to start production in 2023.",{"type":583,"attrs":731,"content":732},{"textAlign":49},[733],{"text":734,"type":588},"The battery company also has an agreement with Canada-based Electra Battery Materials for supplies of cobalt sulfate from North America.",{"type":639,"attrs":736,"content":737},{"level":641,"textAlign":49},[738],{"text":739,"type":588},"Political backlash",{"type":583,"attrs":741,"content":742},{"textAlign":49},[743],{"text":744,"type":588},"The passing of the IRA caught South Korea by surprise in August. Just three months earlier Hyundai had announced that it would invest $5.54 billion to build factories in Georgia for electric vehicles and battery manufacturing during Biden’s visit to  South Korea.",{"type":583,"attrs":746,"content":747},{"textAlign":49},[748],{"text":749,"type":588},"Following the passing of the IRA Seoul asked Washington to postpone the new rules until Hyundai completed its Georgia factory in 2025. Seoul is also reportedly considering filing a complaint with the World Trade Organisation.",{"type":583,"attrs":751,"content":752},{"textAlign":49},[753],{"text":754,"type":588},"The reaction from Korea has seen a host of US politicians including governors from Arizona and Indiana travel to South Korea. Last month President Joe Biden also wrote to Korean President Yoon Suk Yeol saying he understood their concerns about the IRA, according to Korean media.",{"type":583,"attrs":756,"content":757},{"textAlign":49},[758],{"text":759,"type":588},"That’s led to hopes that clarifications around Chinese involvement and other provisions in the legislation could come out later this year.","South Korean companies are set to account for half of US battery production by the end of the decade as they expand to meet demand from the country’s automakers, increasing the pressure for a resolution of concerns about provisions in President Biden’s recently passed Inflation Reduction Act. South Korean battery plants in the US are […]",[762],{"slug":571,"name":572,"content":763},{"job_title":574,"image":764,"bio":577,"linkedin":578},{"filename":576},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"c2a5c884-ec6b-49b6-97a8-f1580d9dc21e\", \"id\": \"\"}-->","article",[768,771,774],{"slug":769,"name":770},"batteries","Batteries",{"slug":772,"name":773},"geopolitics","Geopolitics",{"slug":775,"name":776},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":635,"name":635,"focus":635,"title":635,"source":635,"filename":779,"copyright":635,"fieldtype":780,"meta_data":781,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/49a973f531/bm-us-korea-image.jpg","asset",{"alt":635,"title":635,"source":635,"copyright":635},"Oct 18, 2022","18th October 2022",[],[],1792773923652]