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Mid-Nickel",103.5,99.73,3.78,13.78,6.78,[518,519,520,522,524,526,528,530,532,534,536,538],{"date":213,"value":512},{"date":216,"value":513},{"date":219,"value":521},99.19,{"date":222,"value":523},96.02,{"date":225,"value":525},98.23,{"date":467,"value":527},99.24,{"date":329,"value":529},101.29,{"date":339,"value":531},87.61,{"date":341,"value":533},92.44,{"date":344,"value":535},90.96,{"date":347,"value":537},92.24,{"date":350,"value":539},95.09,{"id":541,"uuid":542,"name":543,"slug":544,"full_slug":545,"content":546,"relatedArticles":742,"relatedVideos":743},114841826224904,"bd6110ae-d4b5-4cdf-b0eb-30489abbd3bd","What happened to lithium ion batteries in 2024 and what to expect from 2025?","what-happened-to-lithium-ion-batteries-in-2024-and-what-to-expect-from-2025","article/what-happened-to-lithium-ion-batteries-in-2024-and-what-to-expect-from-2025",{"_uid":547,"date":548,"tags":549,"editor":552,"content":562,"excerpt":721,"featured":51,"reporter":722,"_editable":726,"component":727,"seo_title":543,"categories":728,"visibility":735,"author_company":49,"featured_image":736,"seo_description":721,"author_full_name":49,"author_job_title":49,"formattedDate":740,"formattedArticleDate":741},"78c2faa6-54bb-4fcf-a3f3-c9c2bf037945","2024-12-23 00:00",[550],{"slug":551,"name":451},"lfp",[553],{"slug":554,"name":555,"content":556},"didi-bostock","Didi Bostock",{"job_title":557,"image":558,"bio":560,"linkedin":561},"Editor - Energy Transition & Economics",{"filename":559},"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":563,"content":564},"doc",[565,572,577,584,599,608,615,620,625,638,643,648,669,674,680,685,690,695,701,706,711,716],{"type":566,"attrs":567,"content":568},"paragraph",{"textAlign":49},[569],{"text":570,"type":571},"In 2024, the battery market experienced challenges and setbacks as weaker than expected EV demand produced the highest gigafactory capacity cancellations on record.","text",{"type":566,"attrs":573,"content":574},{"textAlign":49},[575],{"text":576,"type":571},"However, there have been bright spots amidst the negative market sentiment with growing interest in lithium iron phosphate (LFP) cells and Inflation Reduction Act (IRA)-related investment. Furthermore, cell prices have been declining, which could support consumer access to electric vehicles (EVs) and large scale energy storage projects.",{"type":578,"attrs":579,"content":581},"heading",{"level":580,"textAlign":49},4,[582],{"text":583,"type":571},"Cell prices hit record lows",{"type":566,"attrs":585,"content":586},{"textAlign":49},[587,589,597],{"text":588,"type":571},"Battery cell prices reached ",{"text":590,"type":571,"marks":591},"all time lows",[592],{"type":593,"attrs":594},"link",{"href":595,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/battery-cell-prices-reach-all-time-low-in-september-as-lfp-falls-below-60-per-kwh-level?_branch_match_id=1544393487952929010&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWN%2FNwtUz1cnEy9E%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUACxsgE0gAAAA%3D","url",{"text":598,"type":571}," in 2024, driven by lithium iron phosphate (LFP) prices falling below $60 per kilowatt hour (kWh) enabled by the low cost of raw materials.",{"type":566,"attrs":600,"content":601},{"textAlign":49},[602],{"type":603,"attrs":604},"image",{"id":49,"alt":605,"src":606,"title":49,"source":49,"copyright":49,"meta_data":607},"","https://a.storyblok.com/f/287943243085208/614a3b321b/bm-global-average-weighted-cell-price-over-time2x-2-1330231f5756.png",{},{"type":566,"attrs":609,"content":610},{"textAlign":49},[611,613],{"text":612,"type":571},"Benchmark’s perspective: ",{"text":614,"type":571},"“The low price environment for raw materials persisting across 2023 and 2024 has driven cell prices to new lows, but equally the considerable improvements in energy density, and the maintained R&D efforts in improving cell specs mean that the price continues to fall on a per kWh basis,” said Evan Hartley, a Research Manager at Benchmark.",{"type":578,"attrs":616,"content":617},{"level":580,"textAlign":49},[618],{"text":619,"type":571},"Economic headwinds and scaled back EV plans ",{"type":566,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":571},"Ex-China automakers have scaled back EV targets as they continue to make losses on electric models. Economic headwinds caused many brands to cut jobs as inflation and labour drove costs higher.",{"type":566,"attrs":626,"content":627},{"textAlign":49},[628,630,636],{"text":629,"type":571},"These market conditions have led to consolidation amongst battery manufacturers. More than ",{"text":631,"type":571,"marks":632},"312 gigawatt hours (GWh) of gigafactory capacity was cancelled",[633],{"type":593,"attrs":634},{"href":635,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/2024-sees-highest-gigafactory-capacity-cancellations-on-record?_branch_match_id=1544393470804895124&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWT8x1DvGyyMkK80%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUA48FI70gAAAA%3D",{"text":637,"type":571}," in 2024, substantially higher than preceding years.",{"type":566,"attrs":639,"content":640},{"textAlign":49},[641],{"text":642,"type":571},"Cancellations were seen predominantly amongst less experienced manufacturers based in China.",{"type":566,"attrs":644,"content":645},{"textAlign":49},[646],{"text":647,"type":571},"‘",{"type":566,"attrs":649,"content":650},{"textAlign":49},[651,653,659,661,667],{"text":652,"type":571},"Additionally, ",{"text":654,"type":571,"marks":655},"Benchmark Verified",[656],{"type":593,"attrs":657},{"href":658,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/benchmark-verified-the-five-stages-of-benchmarks-gigafactory-satellite-analysis?_branch_match_id=1544393479663390015&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWL%2FBNNPQsTPVx9U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAkOjPqkgAAAA%3D",{"text":660,"type":571}," has identified ",{"text":662,"type":571,"marks":663},"construction delays to Chinese gigafactories",[664],{"type":593,"attrs":665},{"href":666,"uuid":49,"anchor":49,"target":49,"linktype":596},"https://source.benchmarkminerals.com/article/chinese-gigafactory-construction-timelines-lengthen-as-tier-2-and-3-developments-increase?_branch_match_id=1544393520150418623&utm_source=facebook&utm_medium=share&_branch_referrer=H4sIAAAAAAAAA8soKSkottLXT0rNS87ITSzKzs3MSy1KzCnWSywo0MvJzMvWdzMwiPTydHQL8U%2ByrytKTUstKsrMS49PKsovL04tsnXOKMrPTQUAVvA07kgAAAA%3D",{"text":668,"type":571}," as well as those in the US and Europe.",{"type":566,"attrs":670,"content":671},{"textAlign":49},[672],{"text":673,"type":571},"Though the current price environment is pressuring manufacturers it could lead to lower cost EVs and therefore greater uptake, a long-term boon to the industry.",{"type":566,"attrs":675,"content":676},{"textAlign":49},[677,678],{"text":612,"type":571},{"text":679,"type":571},"“Economic headwinds, weakening EV demand, and financial losses have forced automakers to scale back electrification plans, impacting battery cell production strategies and triggering delays or cancellations to key projects in the West,” said Aran Waid, Principal Analyst at Benchmark. ",{"type":578,"attrs":681,"content":682},{"level":580,"textAlign":49},[683],{"text":684,"type":571},"Increased LFP interest amid EV price competition and ESS demand",{"type":566,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":571},"Technological developments in LFP technology, combined with the cost advantage over nickel cobalt manganese (NCM) cells, led to increased interest from Western automakers for the cell format in 2024. ",{"type":566,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":571},"LFP cells’ cost advantage over NCM makes it attractive in a market where price is a limiting factor for EV adoption outside of China. The cathode type is also favoured for energy storage systems (ESS), an area where cell makers sought to secure orders in the face of weaker than expected EV demand.",{"type":566,"attrs":696,"content":697},{"textAlign":49},[698,699],{"text":612,"type":571},{"text":700,"type":571},"“Automakers are turning to LFP batteries to cut EV costs, aided by China’s technological advancements in the chemistry. Slowing EV demand and a booming ESS market favours LFP cells, helping firms like EVE Energy secure major orders and join the top five global producers by market share,” said Waid.",{"type":566,"attrs":702,"content":703},{"textAlign":49},[704],{"text":705,"type":571},"On ex-China LFP production, Waid added: “Non-Chinese producers like LG Energy Solution are adding LFP to their portfolios to meet rising demand for lower cost EVs and ESS.”",{"type":578,"attrs":707,"content":708},{"level":580,"textAlign":49},[709],{"text":710,"type":571},"What’s next?",{"type":566,"attrs":712,"content":713},{"textAlign":49},[714],{"text":715,"type":571},"Benchmark forecasts that nickel, cobalt, and lithium prices will recover in the medium term, potentially widening the cost gap between NCM and LFP cells. ",{"type":566,"attrs":717,"content":718},{"textAlign":49},[719],{"text":720,"type":571},"To remain competitive in this environment, innovation will be key for NCM cell makers to mitigate these pressures and remain both viable and cost-effective within the evolving battery market.","In 2024, the battery market experienced challenges and setbacks as weaker than expected EV demand produced the highest gigafactory capacity cancellations on record. However, there have been bright spots amidst the negative market sentiment with growing interest in lithium iron phosphate (LFP) cells and Inflation Reduction Act (IRA)-related investment. Furthermore, cell prices have been declining, […]",[723],{"slug":554,"name":555,"content":724},{"job_title":557,"image":725,"bio":560,"linkedin":561},{"filename":559},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"78c2faa6-54bb-4fcf-a3f3-c9c2bf037945\", \"id\": \"\"}-->","article",[729,732],{"slug":730,"name":731},"batteries","Batteries",{"slug":733,"name":734},"gigafactories","Battery & Gigafactory","private",{"id":49,"alt":605,"name":605,"focus":605,"title":605,"source":605,"filename":737,"copyright":605,"fieldtype":738,"meta_data":739,"is_external_url":51},"https://a.storyblok.com/f/287943243085208/61c3d4e6eb/bm-what-happened-to-lithium-ion-batteries-in-2024-and-what-to-expect-from-2025.jpg","asset",{"alt":605,"title":605,"source":605,"copyright":605},"Dec 23, 2024","23rd December 2024",[],[],1783093114863]