![]() Expenditure on EVs and investment in the supply chain are increasing In 2021 China led global battery manufacturing capacity by controlling around 75% of the world’s total, followed by the United States, Hungary and Germany. These companies are now investing three times as much as they did in 2020. The global production capacity of batteries is set to increase from below 200 GWh in 2019 to over 1 200 GWh in 2024, following massive capital expenditure by listed battery manufacturing companies in 2021, rebounding from a large dip during the pandemic. A public–private joint venture in Chile is also seeking financing to fund an 1 000-strong electric bus fleet in Santiago. The contract was awarded for half the price reached in previous tenders. In early 2022 India ran a tender for the purchase and deployment of more than 5 000 electric buses across five major cities. Moving beyond cars, investment is also being directed towards electrification of buses and heavy-duty trucks. Recent analysis by the IEA estimates that this share will increase to more than 74% in 2022. ![]() The growth in EV sales is driving investment in electrification, which represented more than 65% of overall end-use investment in the transport sector in 2021. In 2021 consumers across the world spent an estimated USD 250 billion on EV purchases. Battery energy density is increasing and alternative chemistries are being developed The IEA’s assessment of sodium-ion technology has increased from TRL 3-4 to TRL 6. This technology has the potential to completely avoid the use of critical metals. Another key development has been the announcement of important supply chain development for sodium-ion batteries by the world’s largest battery manufacturer, CATL. This was in part thanks to innovative cell-to-pack technologies that enable a higher pack density by reducing pack dead weight, but mainly due to automakers switching to LFP to reduce commodity price exposure. The past year has seen a doubling in the market share of lithium iron phosphate (LFP) cathodes, which require no nickel or cobalt. ![]() Reducing the need for critical metals is also a priority for EV innovation. It is not all about energy density, though. Key examples of this include Tesla’s upcoming 4680 cells and LG Energy Solution’s Ultium cells. This progress has been made thanks to continuous improvement in battery chemistry and cell design. The energy density of batteries for EVs has been rising over the past year, and now some of the highest performing battery cells can reach energy densities of over 300 Wh/kg, up from around 100-150 Wh/kg a decade ago – meaning that with the same mass, electric cars can now travel twice as far. Energy density is key to ensuring that BEVs have sufficient range. ![]()
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