European battery makers: start-ups back EU’s EV ambitions

{"text":[[{"start":null,"text":"

"}],[{"start":12.41,"text":"European battery start-ups are jostling to meet demand as electric vehicle take-up accelerates. "},{"start":17.826999999999998,"text":"France’s Verkor is the latest to raise money. "},{"start":20.569000000000003,"text":"It secured more than €2bn this week for its first plant, in northern France. "}],[{"start":25.880000000000003,"text":"In theory, new plants promised by domestic and international companies could quickly amount to overcapacity. "}],[{"start":null,"text":""}],[{"start":32.6,"text":"Ten battery cell plants in production in Europe have a combined capacity of 166.5 gigawatt hours, says Benchmark Mineral Intelligence. "},{"start":41.367000000000004,"text":"A further 26 are planned by the end of the decade. "},{"start":44.384,"text":"If all materialise, total capacity would increase to 1,227 GWh. "}],[{"start":51.230000000000004,"text":"However, actual production will be much lower, at an estimated 729 GWh. "},{"start":57.272000000000006,"text":"Production can take several years to ramp up. "},{"start":59.852000000000004,"text":"Demand in 2030 is forecast at 1,004 GWh. "},{"start":64.019,"text":"It is possible too that some start-ups will drop out. "},{"start":66.999,"text":"The US Inflation Reduction Act’s subsidies may lure other projects stateside. "}],[{"start":72.33000000000001,"text":"This means there is no reason for European players to decelerate. "},{"start":76.29700000000001,"text":"The market is dominated by Asian players such as South Korea’s LG Energy Solution and Chinese group CATL. "},{"start":82.33900000000001,"text":"They too have plants in Europe, including in Poland and Germany. "}],[{"start":null,"text":""}],[{"start":86.91000000000001,"text":"About half of battery cells used in Europe last year were produced domestically. "},{"start":91.26400000000001,"text":"Imports from China and South Korea covered the balance, says campaign group Transport & Environment. "}],[{"start":97.86000000000001,"text":"Raising import tariffs on battery cells would help domestic suppliers. "},{"start":102.11400000000002,"text":"But it risks further tensions with China. "},{"start":104.49400000000001,"text":"Beijing has already hit out at the EU’s anti-subsidy probe into China’s car industry. "}],[{"start":109.87000000000002,"text":"A less fraught option would be for EU carmakers to use their clout to secure vital raw materials for use by their suppliers. "},{"start":116.74900000000002,"text":"Some are already doing this. "},{"start":118.56700000000002,"text":"Europe’s battery makers have a good shot at keeping pace with Asian rivals. "}],[{"start":122.53000000000002,"text":""}]],"url":"https://creatives.ftacademy.cn/album/122434-1695015744.mp3"}