Connect with us

Energy & Critical Metals

Visualizing the Global Electric Vehicle Market

The global electric vehicle market crossed 3 million units in sales for the first time in 2020. Here’s a snapshot of the largest EV markets.
The post Visualizing…

Published

on

This article was originally published by Visual Capitalist

The following content is sponsored by Scotch Creek Ventures.

Visualizing the Global Electric Vehicle Market

Electric vehicles (EVs) are a key piece of the net-zero carbon future puzzle, and the electric vehicle market is growing exponentially.

Countries and governments around the world are recognizing the importance of these zero-emission vehicles and consequently including them in their decarbonization plans. But some countries are far ahead in the EV race, while others are yet to fully embrace EV adoption.

This infographic from our sponsor Scotch Creek Ventures provides an overview of the global EV market and the potential for growth in the United States.

The World’s Largest EV Markets

In 2020, global EV and plug-in hybrid sales crossed the 3 million mark for the first time, and data from the first half of 2021 suggests that we may be in for another year of record-high sales.

Europe and China have been the leading EV markets in both years, with over 80% of plug-in hybrid and battery electric vehicle (BEV) sales occurring in these two regions.

Country/Region 2020 sales 2020 H1 sales
Europe 1,390,000 1,060,000
China 1,330,000 1,149,000
U.S. 328,000 297,000
Rest of the World 180,000 147,000
Total 3,228,000 2,653,000

Although country populations are the driver of absolute sales potential, government incentives have played a key role in expanding EV adoption in the interim. For example, several European countries offer tax benefits for purchasing and owning EVs, in addition to incentives like road toll exemptions. Similarly, China’s EV subsidies reimburse buyers different amounts depending on the range of the vehicle purchased.

European countries also dominate the leaderboard for EV penetration rates, which represent the share of EVs in new passenger car sales. The top 10 countries for EV penetration in 2020 were all European, with Norway taking the top spot.

While the U.S. is the world’s third-largest market for EVs, its sales are only a fraction of those made in Europe and China, and its EV penetration rate sits at just 2%. However, the American EV market is growing rapidly, with plenty of potential for expansion.

Electrification Potential: The U.S. EV Market

Both automakers and the government are supporting America’s shift toward EVs.

The country is home to one of the world’s largest battery megafactories in Tesla’s Giga Nevada, which has the capacity to produce 37 gigawatt-hours (GWh) worth of batteries annually. Other battery makers have announced plans to build larger factories in the coming years.

Consequently, battery manufacturing capacity in the U.S. is expected to reach 224 GWh by 2025, up from 59 GWh in 2020. Here are some of the operational and planned battery factories in the country:

Factory/Company Capacity Location
LG Chem and GM* 70 GWh Spring Hill, Tennessee
Tesla Gigafactory 1 37 GWh Sparks, Nevada
LG Chem and GM* 30 GWh Lordstown, Ohio
Tesla Gigafactory 5* 25 GWh Austin, Texas
SK Innovation* 12 GWh Commerce, Georgia
SK Innovation* 10 GWh Commerce, Georgia
Tesla Pilot 10 GWh Fremont, California
LG Chem 8 GWh Holland, Michigan
Envision AESC 3 GWh Smyrna, Tennessee

*Represents planned, announced, or under-construction factories.

The government is also doing its part to support EV adoption. The recently-passed trillion-dollar infrastructure bill supports the White House’s electrification plan, with $7.5 billion allocated to building a network of EV charging stations, and another $5 billion for low and zero-emission buses. Earlier this year, President Biden signed an executive order that aims to make 50% of all new vehicle sales electric by 2030, providing another catalyst for the switch to EVs.

As a result, EV sales are set to grow in the United States. However, more EVs require more batteries, and more batteries need more raw materials—especially lithium.

The Impact on Lithium Demand

Batteries accounted for 81% of lithium consumption in 2020, and they are in increasing demand.

According to Bloomberg, the world could require 2,000 GWh of lithium-ion batteries annually by 2030, up from 223 GWh in 2020. Given that lithium is a key ingredient in these batteries, the impact on lithium demand will be massive.

In fact, global lithium demand is expected to outstrip supply in 2025. Furthermore, with 200 battery megafactories in the pipeline to 2030, the world could require 3 million tonnes of lithium annually, which is roughly 37 times current production.

Meeting the rising need for lithium will require new sources of production as the global electric vehicle market expands. This is especially true for the United States, which strives to build a domestic battery supply chain but hosts only one lithium-producing mine.

Scotch Creek Ventures is developing two lithium mining projects in Clayton Valley, Nevada, to supply lithium for the green future.

The post Visualizing the Global Electric Vehicle Market appeared first on Visual Capitalist.

ax

batteries
electric vehicle

Energy & Critical Metals

Jefferies Financial Group Analysts Give Klöckner & Co SE (ETR:KCO) a €14.35 Price Target

Jefferies Financial Group set a €14.35 ($16.31) price objective on Klöckner & Co SE (ETR:KCO) in a report issued on Wednesday morning, Borsen Zeitung…

Jefferies Financial Group set a €14.35 ($16.31) price objective on Klöckner & Co SE (ETR:KCO) in a report issued on Wednesday morning, Borsen Zeitung reports.

KCO has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft set a €16.10 ($18.30) price objective on shares of Klöckner & Co SE in a report on Thursday, November 4th. Nord/LB set a €13.00 ($14.77) price objective on shares of Klöckner & Co SE in a report on Wednesday, November 3rd. Credit Suisse Group set a €9.20 ($10.45) price objective on shares of Klöckner & Co SE in a report on Wednesday, November 10th. Warburg Research set a €15.50 ($17.61) price objective on shares of Klöckner & Co SE in a report on Wednesday, November 3rd. Finally, Kepler Capital Markets set a €10.00 ($11.36) target price on shares of Klöckner & Co SE in a research note on Thursday, November 4th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, Klöckner & Co SE currently has an average rating of Buy and a consensus price target of €12.81 ($14.55).

KCO stock opened at €9.81 ($11.14) on Wednesday. The company’s 50-day moving average price is €10.37 and its 200 day moving average price is €11.05. The company has a current ratio of 2.04, a quick ratio of 0.88 and a debt-to-equity ratio of 27.18. Klöckner & Co SE has a 52 week low of €7.30 ($8.30) and a 52 week high of €13.49 ($15.33). The company has a market cap of $978.05 million and a P/E ratio of 2.16.

About Klöckner & Co SE

Klöckner & Co SE, through its subsidiaries, distributes steel and metal products. It operates through Kloeckner Metals US, Kloeckner Metals Services Europe, Kloeckner Metals Switzerland, and Kloeckner Metals Distribution Europe segments. The company’s product portfolio includes flat steel products; long steel products; tubes and hollow sections; stainless steel and high-grade steel; aluminum products; and special products for building installations, roof and wall construction, and water supply.

Further Reading: How a Put Option Works

The post Jefferies Financial Group Analysts Give Klöckner & Co SE (ETR:KCO) a €14.35 Price Target appeared first on ETF Daily News.

aluminum
steel

Continue Reading

Articles

UK SMEs join forces to drive energy storage innovation

Sodium-ion battery module meets artificial intelligence at testbed to drive technologies to market.
The post UK SMEs join forces to drive energy storage…

Sodium-ion battery module meets artificial intelligence at testbed to drive technologies to market

A trio of SMEs have joined forces to accelerate to market innovations in energy storage.

AMTE Power, Brill Power and Starke Energy are collaborating at a commercial-scale testbed at Harwell Campus in Oxfordshire, England.

They aim to prove three new technologies at a battery energy storage system to be integrated with a solar array operated by the Science and Engineering Facilities Council (STFC) at Harwell Science and Innovation Campus.

AMTE Power develops new battery cell technologies; Brill Power is a spin-out from the University of Oxford which develops intelligent battery management and control technology; and Starke Energy uses artificial intelligence to optimise batteries.

First time deployment
The testbed will demonstrate AMTE’s sodium-ion battery module using Brill Power’s technology and Starke’s energy management system, which links stored energy into the electricity grid and markets.

This is the first time that these technologies are being deployed in a commercially relevant project.

Emma Southwell-Sander from the STFC and manager of the EnergyTec Cluster at Harwell Campus said the project “is a prime example of how Harwell’s EnergyTec cluster is facilitating access to young innovative businesses to a wealth of resources to supercharge their route to market”.

Emma Southwell-Sander

The energy storage system at Harwell is expected to be operational from March and will is intended to run for a minimum of 12 months.

As a benchmark, in the project’s first phase, AMTE Power will deploy lithium-ion cells before switching to use the company’s sodium-ion cell technology in the second demonstration phase of the project.

AMTE’s director of business development John Fox said: “The ability to test our new products in a commercial operating environment is invaluable. Having access to the Harwell site will accelerate the time to market for our new energy storage products.”

Network resilience
Sodium-ion batteries offer an alternative to lithium-ion in those markets where cost is more important than weight or performance: particularly energy storage, network resilience and energy in remote locations. Improvements in competitiveness of energy storage technologies will accelerate the uptake of small-scale renewable sources of electricity generation.

Catch up on these related features
Trends shaping the next DER decade
Energy storage system to harness Faroe Islands’ windpower

The commercialisation of sodium-ion technology lags behind Li-ion but offers significant advantages that makes it suited as a solution for static energy storage applications; it uses earth-abundant elements, has long cycle life and intrinsic safety advantages.

Brill Power’s battery intelligence technology will be deployed to ensure optimal battery usage, lifetime, performance, and safety. Real-world data and operating parameters will be collected, which will support further optimisation of the technologies deployed in the demonstrator.

Brill launched its first battery management system last year, which is supported by its proprietary battery monitoring and analytics software platform.

“Brill Power’s battery intelligence technology can improve all aspects of advanced battery systems, including performance, cost of ownership, reliability and safety,” said the company’s chief executive Christoph Birkl.

“This testbed will enable us to integrate our technology with other cutting-edge battery innovations and collect real-world data on a commercially relevant site”.

Optimise storage

Starke Energy’s energy management system will integrate the battery system with the local energy network at Harwell.

Using artificial intelligence, it learns how much energy is being produced by renewable sources, and how much is being used to optimise the storage and release of energy across a network of connected intelligent batteries.

Exclusive industry insight: Not all storage solutions are created equal

The project is part of the Interreg North-West Europe STEPS programme that is supporting 40 businesses through, in its first phase, a competitive product enhancement voucher programme – valued at €12.5k each.

AMTE, Brill and Starke were all awarded first phase vouchers in March 2021 and each have benefited from support from Cambridge Cleantech, the UK’s longest-standing membership organisation for the cleantech sector, and the Faraday Institution, the UK’s independent institute for electrochemical energy storage R&D, market analysis and early-stage commercialisation.

This has included tailored testing, introductions to potential end-users and market knowledge to strengthen the competitiveness of their products.

Faraday Institution chief executive Professor Pam Thomas said the energy storage project was “another example of the Faraday Institution acting as convener for partnerships between UK industry, academia and funding organisations as a route to commercialise breakthrough science and engineering to maximise economic value”.

Sam Goodall, head of international projects at Cambridge Cleantech added that the three SMEs “have technologies that can revolutionise the energy storage sector, from AMTE’s Na-ion batteries which remove the need for mineral extraction, Brill Power who make batteries last longer and be more efficient, and Starke’s energy management system which helps optimise the use of the energy and how it is sold together based on AI and IoT”.

The post UK SMEs join forces to drive energy storage innovation appeared first on Power Engineering International.


Author: Kelvin Ross

Continue Reading

Energy & Critical Metals

“Pulling The Plug”: After Multiple Recalls, GM May Be On The Verge Of Ending Production Of Its Chevy Bolt

"Pulling The Plug": After Multiple Recalls, GM May Be On The Verge Of Ending Production Of Its Chevy Bolt

After numerous recalls and the ensuing…

“Pulling The Plug”: After Multiple Recalls, GM May Be On The Verge Of Ending Production Of Its Chevy Bolt

After numerous recalls and the ensuing bad press that comes with them, it looks like General Motors could be set to literally “pull the plug” on its Chevy Bolt EV. 

“GM announced a $35 billion investment in EVs by 2025, including $4 billion to build electric versions of its best-selling pickups,” CNN reported this week. Worth noting is that GM is planning to build those models at its plant in Orion Township, Michigan, the report says.

That plant is currently the home to the GM Bolt and its cousin, the Bolt EUV. The company didn’t make any new announcement as to where, if anywhere, Bolt production would continue.

GM spokesperson Dan Flores gave a statement this week that didn’t drip with optimism about the Bolt, either: “Production of the Chevrolet Bolt EV and EUV will continue during the plant’s conversion activities to prepare the facility for production of the Silverado EV and Sierra EV pickups. We are not disclosing any additional information at this time about Bolt EV or Bolt EUV production.”

    Recall, in September, we noted that after two recalls about fires, GM had finally resorted to telling Bolt owner just not to park their car within 50 feet of another car.

    Flores, who we we’re sure wasn’t getting paid enough to deliver this line with a straight face, said in Fall 2021: “In an effort to reduce potential damage to structures and nearby vehicles in the rare event of a potential fire, we recommend parking on the top floor or on an open-air deck and park 50 feet or more away from another vehicle. Additionally, we still request you do not leave your vehicle charging unattended, even if you are using a charging station in a parking deck.”

    “We are aware of 12 GM confirmed battery fires that have been investigated involving Bolt EVs vehicles in the previous and new recall population,” he continued, telling The Detroit News. “We’re still working with LG around the clock to resolve the issue. Both companies understand the urgency to move as quickly as possible, but, again, the most important thing here is we have to get this right.”

    Recall, back in July 2021, General Motors issued their second recall for the Chevy Bolt after it announced that two Bolts had caught fire without impact and that at least one of the two was related to the battery and happened despite the owner getting a fix from a previous recall.

    The second recall included all Bolt EVs from 2017 to 2019, encompassing 68,000 vehicles. 50,925 of those vehicles were located in the U.S. and they have batteries that are produced at LG Chem’s Ochang, South Korea, facility, the report notes.

    A spokesman for GM said last summer: “As part of GM’s commitment to safety, experts from GM and LG have identified the simultaneous presence of two rare manufacturing defects in the same battery cell as the root cause of battery fires in certain Chevrolet Bolt EVs. As part of this recall, GM will replace defective battery modules in the recall population. We will notify customers when replacement parts are ready.” 

    GM may have finally figured out that one way to stop the fires is to stop producing the vehicle that keeps combusting…

    Tyler Durden
    Fri, 01/28/2022 – 18:00

    Author: Tyler Durden

    Continue Reading

    Trending