Source: FT, Wednesday 7th December 2022
Key insights:
- “According to Benchmark Minerals, China will have 322 gigawatt hours of production capacity in Europe by 2031, with South Korea the second largest operator in the region at 192GWh, followed by France and Sweden. The US is fifth, thanks to Tesla’s plant in Berlin, followed by Germany and Norway. The UK is eighth with 20GWh.”
- “VW is foremost among European manufacturers trying to expand battery capacity and reduce reliance on external suppliers. It wants to build five factories in Europe, as well as one in North America. But in the meantime it has a supply deal with China’s CATL, the largest battery maker.”
- “CATL is a supplier to VW and Mercedes-Benz, while BYD — which also makes its own batteries — has a deal with Stellantis. Envision AESC, a battery group backed by China’s Envision, supplies Nissan in the UK and may build more plants in France and Spain.”
The Equity Analyst 