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Saturday, October 23, 2021

Factbox: Electric-vehicle batteries: major players and their expansion plans - Yahoo Finance

Last updated Monday, October 4, 2021 19:06 ET , Source: NewsService

By Heekyong Yang

SEOUL (Reuters) - The global auto industry's shift to electric vehicles (EVs) has spurred an expansion race among battery makers, and caused a growing a skills shortage. See main story:

Global sales of EVs, estimated at 2.5 million vehicles in 2020, is forecast to grow more than 12-fold to 31.1 million by 2030 and account for nearly a third of new vehicle sales, according to consulting firm Deloitte.

Here are major players' expansion plans in key EV markets of China, the United States and Europe.

CATL

As of end-June, the Chinese company has annual battery production capacity of 65.45 Gigawatt hours (GWh), and has an additional 92.5 GWh of capacity under construction.

The global industry leader by market share, its clients include Volkswagen, General Motors, BMW >BMWG.DE> and Daimler as well as Chinese auto makers.

The company announced a plan in August to set up a production base in Shanghai, a move that will put it close to Tesla Inc's Chinese production base.

LG ENERGY SOLUTION (LGES)

The South Korean leader expects its production capacity to reach 155 GWh by the end of this year and plans to raise that to 430 GWh by 2025 - which could power about 7.2 million EVs.

It plans to invest more than $4.5 billion in its U.S. battery production business through 2025. The plans include two new plants, jointly built with GM in Ohio and Tennessee, which would allow LGES to manufacture a total of 70 GWh of batteries in the United States by 2024.

LGES already...



Read Full Story: https://finance.yahoo.com/news/factbox-electric-vehicle-batteries-major-230644138.html

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