Stories impacting the global battery industry

December 2019

THE BATTERY DECADE: HOW ENERGY STORAGE COULD REVOLUTIONIZE INDUSTRIES IN THE NEXT 10 YEARS
www.cnbc.com

UBS estimates that over the next ten years the energy storage market in the United States could grow to as much as $426 billion, and there are many ways to buy into the surge, including chemical companies, battery cell makers, car companies, solar companies and utility companies.



PORTUGAL DELAYS LITHIUM TENDER FOR THIRD TIME, AIMS FOR EARLY 2020
www.reuters.com

Portugal has delayed an international licensing tender for lithium exploration for the third time, with the government aiming to launch it in early 2020, despite strong objections from environmental groups. Initially expected to take place by the end of 2018, the tender was delayed until June and then until the end of this year and is now likely to happen in the first three months of 2020, the environment minister said on Saturday. The tender is part of a plan to make Portugal Europe’s top supplier of the metal for electric car batteries and meet an expected surge in global demand for lithium.



VOLKSWAGEN SIGNIFICANTLY RAISES ELECTRIC CAR PRODUCTION FORECAST FOR 2025
www.volkswagen-newsroom.com

Under the latest plans, the strategic target of one million electric cars is expected to be reached end of 2023, two years earlier than previously predicted. The Volkswagen brand expects 1.5 million electric cars to be produced in 2025.



RIVIAN ADDS $1.3 BILLION IN FUNDING FOR ITS ELECTRIC UTILITY AND ADVENTURE VEHICLES
techcrunch.com

American automotive technology startup Rivian has raised $1.3 billion in new funding, the company announced today. The new investment is the fourth round of capital announced by the company in 2019 alone, following prior announcements of $700 million led by Amazon, $500 million from Ford (which includes a collaboration on electric vehicle technology) and $350 million from Cox Automotive. That’s a lot of money, but Rivian’s not your typical startup, as it’s aiming to bring fully electric vehicles to market, including the R1T pickup truck and the R1S sport utility vehicle. Both of those are consumer cars, which the company aims to bring to market starting at the end of next year — and Rivian is also working with Amazon on all-electric delivery vans, of which the commerce giant has ordered 100,000, with a target of starting deliveries of the first of those in 2021.



SWISS BATTERY MAKER FAVORS ELECTRIC SHIPS, TRAINS OVER AUTOS
www.bloomberg.com

Swiss battery producer Leclanche SA is turning its focus to supplying power systems for ferries to trains, judging that the niche market offers better opportunities than the dominant passenger car sector. The Yverdon-Les-Bains-based company, which is adding production capacity in Germany, forecasts demand for fleet vehicles -- including marine vessels, buses, locomotives and taxis -- will grow by more than a third annually. The market for energy storage in the shipping sector could be worth as much $6.5 billion a year, Cantor Fitzgerald LP said in a 2018 note. Projects in Norway and China are already using battery-power for cargo vessels, and major shipping companies are monitoring the technology, according to BloombergNEF.



JAPAN'S SHOWA DENKO AGREES TO PAY AS MUCH AS $8.8 BILLION IN A TAKEOVER BID FOR HITACHI CHEMICAL
www.bloomberg.com

Showa Denko K.K., Japan’s No. 3 diversified chemicals supplier, agreed to pay more than double its own market value to buy its bigger rival Hitachi Chemical Co., to scale up its lithium-ion battery and advanced materials businesses and keep pace with Chinese rivals. Tokyo-based Showa Denko offered as much as 964 billion yen ($8.8 billion ) for all shares of the chemicals unit of Hitachi Ltd., one of Japan’s largest industrial conglomerates, it said in a statement Wednesday.



LI-CYCLE SHIPS FIRST COMMERCIAL LOAD OF RECYCLED BATTERY MATERIAL TO CUSTOMER
li-cycle.com

Li-Cycle Corp. is pleased to announce a maiden shipment of commercial product, containing energy metals concentrate, has been made to its customer. The shipped product comprises of key energy metals – including cobalt, nickel and lithium – and was produced at Li-Cycle’s processing facility in Ontario, Canada.



AUDI AND UMICORE START CLOSED LOOP FOR COBALT AND NICKEL
www.umicore.com

Audi and Umicore have successfully completed the test phase of their strategic research cooperation. The result is that more than 90 percent of the cobalt and nickel in the high-voltage batteries of the Audi e-tron can be recovered. The car manufacturer and the materials technology and recycling expert are therefore now entering the next phase. As of January, the partners will cooperate on a closed loop for cobalt and nickel. The recovered materials will be used in new battery cells.



CHINA'S BATTERY MAKERS SEE PROFITS UP 48.4 PCT IN JAN.-OCT.
www.xinhuanet.com

China's major battery manufacturers reported skyrocketing profits during the first 10 months of this year, official data showed. Profits of major battery companies hiked 48.4 percent year on year to 28.08 billion yuan (about 4 billion U.S. dollars) during the 10-month period, according to data from the Ministry of Industry and Information Technology.



CAN NICKEL SULPHATE RESPOND TO THE LITHIUM ION BATTERY STRUCTURAL SHIFT?
www.benchmarkminerals.com

Nickel has distinguished itself from the other major lithium ion battery chemicals, lithium and cobalt, by rising more than 20% in price since the start of 2019. The proximate cause has been Indonesia’s decision to ban nickel ore exports next year. Cut off from their main raw material supply, China’s NPI producers could be forced to cut output, potentially pitching the nickel market deeper into deficit.



AUSTRALIA'S MINERAL RESOURCES FLAGS LOWER LITHIUM SALE PRICE AT WA PROJECT
www.nasdaq.com

Australia's Mineral Resources on Friday said sale price for lithium from its Western Australia project for the December quarter had been finalised at 14.5% below the previous quarter prices amid weaker demand for the commodity. The sale price for 6% spodumene concentrate shipments at its Mt Marion Lithium Project has been set at $520.92 per dry metric tonne for the December quarter, versus $608.95 in the previous quarter, Mineral Resources added. The drop comes as Australian lithium miners grapple with a prolonged downturn in prices amid slowing electric vehicle (EV) sales in China, which has clouded the near-term outlook for demand.



NORTHVOLT PLANS BATTERY RECYCLING IN NEXT CHALLENGE TO CHINA
www.bloomberg.com

Northvolt AB, the Swedish challenger to China’s domination of the electric-car battery market, plans to build a large-scale recycling plant to recover supplies of precious metals needed for production. The aim is to get the facility running by 2022 and provide half the cobalt and other metals needed to make new battery cells eight years later, Chief Executive Officer Peter Carlsson said in an interview. Northvolt also faces local competition from Germany’s Duesenfeld GmbH and Belgium’s Umicore SA, which recycles batteries for Tesla Inc. at a plant south of Antwerp. More entrants are expected, potentially creating a crowded field in some early stages of the recycling process, Carlsson said. China plans to boost its recycling capacity to 1 million tons annually by 2030, from about 60,000 tons, according to BloombergNEF.



ALBEMARLE CEO SAYS LONG-TERM LITHIUM DEMAND REMAINS 'ROBUST'
www.reuters.com

Albemarle Corp, the world’s largest lithium producer, expects robust long-term demand for the electric vehicle battery mineral despite troubles in the existing market resulting from oversupply, Chief Executive Luke Kissam said on Thursday. Looking out to 2024, Kissam forecast a 38 percent jump in revenue, helped largely by the company’s lithium business. The company expects its lithium production capacity to more than double by 2024 to 225,000 tonnes annually.



EUROPE GAINS GROUND IN GLOBAL RACE TO SELL ELECTRIC CARS
www.bloomberg.com

Europe is poised to lead global growth in electric-car sales next year as governments across the region offer consumers ever-sweeter incentives toward the purchase of new vehicles. Momentum is building in a market that’s already the world’s second-biggest -- well behind China but significantly ahead of North America -- as the European Union on Wednesday set in motion an unprecedented plan to become net neutral on carbon emissions by mid-century. With car manufacturers already facing the stark choice of either selling emissions-free vehicles or paying stiff EU penalties on polluting models, 2020 is shaping up as do or die for the industry. “It’s better to subsidize electric cars than to pay high fines for selling combustion engines,” said NordLB analyst Frank Schwope. “We should see steady gains in the numbers next year.”



BMW GROUP SIGNS SUPPLY CONTRACT WITH GANFENG FOR SUSTAINABLE LITHIUM FROM MINES IN AUSTRALIA
www.press.bmwgroup.com

As part of its electromobility expansion, the BMW Group is deepening its existing business relationship with Ganfeng Lithium Co., Ltd. based in Jiangxi (China). The two companies have signed a supply contract for the lithium needed as a key raw material for battery cells. “The projected order volume totals 540 million euros. In this way, the BMW Group is securing 100% of its lithium hydroxide needs for fifth-generation battery cells in its high-voltage batteries,” said Dr. Andreas Wendt, member of the Board of Management of BMW AG responsible for Purchasing and Supplier Network. The contract is for a term of five years (2020 – 2024). Sustainability and security of supply are important factors in the expansion of electromobility. Ganfeng extracts lithium by mining so-called hard-rock deposits in Australia under the strictest sustainability standards.



TESLA'S GERMAN PLANT TO PRODUCE 500,000 CARS A YEAR: BILD
uk.reuters.com

Tesla plans to build 500,000 electric vehicles a year at its new factory on the outskirts of Berlin, Germany’s Bild newspaper reported on Wednesday. German newspaper Frankfurter Allgemeine Zeitung reported that Tesla will invest up to 4 billion euros ($4.41 billion) in the plant.



S. KOREAN STATE LENDERS TO FINANCE $5 BILLION IN LG CHEM'S BATTERY BUSINESS
m.pulsenews.co.kr

South Korea’s state lenders will back $5 billion in policy loans to LG Chem to finance its expansion in secondary battery factories across the world over the next five years as a part of the government push to promote battery business. Under the agreement, the three lenders will pool total finance of $5 billion to back LG Chem’s battery manufacturing expansion across the world from 2020 to 2024. Also, the banks and the battery maker will create a fund worth 150 billion won ($126 million), which will be used to provide financing to small and medium-sized players as well as collaborate on industry-related research projects.



INDONESIA TARGETS STARTING UP EV BATTERY PLANTS IN 2023
www.reuters.com

Indonesia is aiming to start making lithium batteries for use in electric vehicles in 2023, alongside plants that are already slated to produce chemicals used in the batteries, according to the minister who oversees the energy and mining ministry. “We are in coordination with GEM and CATL to build lithium battery plants in Indonesia,” Pandjaitan told reporters. The government moved forward a ban on nickel ore exports by two years to January 2020 to process more of the country’s mining output domestically.



EU UNVEILS €3BN RESEARCH FUND TO DEVELOP BATTERIES
www.ft.com

The EU has approved a €3.2bn fund to promote the research and development of batteries as it targets strategic areas in which to help European companies develop new technology to keep up with global competition. Seven EU countries — Belgium, Finland, France, Germany, Italy, Poland and Sweden — will provide funding of up to €3.2bn for the project, set to be completed by 2031. The European Commission said it expected a further €5bn in private investment. Announcing the initiative on Monday, Margrethe Vestager, executive vice-president in charge of promoting technology in Europe and the EU’s competition commissioner, said: “Battery production in Europe is of strategic interest for our economy and society because of its potential in terms of clean mobility and energy, job creation, sustainability and competitiveness.” She added: “The approved aid will ensure that this important project can go ahead without unduly distorting competition.”



EU COULD BAN DIRTY BATTERY IMPORTS, SAYS COMMISSION VP
www.euractiv.com

Batteries that do not meet rigorous green standards could be banned from the European market, Commission Vice-President Maroš Šefčovič warned on Monday (9 December), as the EU executive approved €3.2 billion of state aid for some home-grown projects.



AUTOMAKERS INVESTING BILLIONS IN PARTNERSHIPS AS INDUSTRY RACES TOWARD AUTONOMOUS AND ELECTRIC VEHICLES
www.cnbc.com

GM’s $2.3 billion joint venture with LG Chem is the most recent tie-up as companies seek partners to share in costs of emerging technologies. Automakers are annually spending billions on autonomous and electric vehicles in an attempt to gain an upper-hand on the potential multitrillion dollar businesses. AlixPartners reports the number of automaker partnerships increased 43% from 2017 to 2018 to 543, led by a 122% increase in autonomous vehicles tie-ups to 115.



2019 WAS THE YEAR ELECTRIC CARS GREW UP
qz.com

Electric cars had their biggest year ever in 2019, even as storm clouds gathered over their future. The numbers were huge. Automakers committed $225 billion to electrification in the coming years. Electric vehicles (EVs) grabbed 2.2% of the global vehicle market over the first 10 months of 2019 as a slew of new models hit the road. Ford, which has yet to sell an all-electric vehicle, showed off the upcoming electric Mustang Mach-E (a crossover SUV) and an electric F-150 pick-up. Tesla, of course, shocked everyone by turning a profit and previewing a strange future with its “cybertruck,” potentially the Hummer for Millenials.



GM, LG CHEM TO BUILD $2.3 BILLION ELECTRIC VEHICLE BATTERY PLANT IN OHIO
www.reuters.com

General Motors Co and South Korea’s LG Chem said on Thursday they will invest $2.3 billion to build an electric vehicle battery cell joint venture plant in Ohio, creating one of the world’s largest battery facilities. Construction is to begin in mid-2020 and the plant will have an annual capacity of more than 30 gigawatt hours with the flexibility to expand. Barra said the Ohio battery plant will accelerate the automaker’s initiative to introduce 20 new electric vehicles globally by 2023.



WA LITHIUM A PRIME EXAMPLE FOR SUSTAINABLE AUSTRALIAN CITIES: REPORT
www.watoday.com.au

Western Australia’s transition towards lithium mining has been praised as a case study in a new report on how Australian cities can achieve economic sustainability. WA’s transition into lithium mining, particularly adding major financial value by positioning WA to process the ore, not just mine it, has not happened overnight and has required co-operation between industry, government and academics. The report also noted that Perth was hosting a new Cooperative Research Centre for Battery Future Industries to find the gaps in the battery value chain.



CHILEAN GOVERNMENT TO BOOST LITHIUM EXPLOITATION IN REMOTE SMALL SALARS.
www.americaeconomia.com

The Salar de Atacama can captivate attention when talking about lithium, but the Chilean government now seeks to develop Aguilar and Infieles, less known deposits of the key mineral for the electric car industry. Mining Minister Baldo Prokurica told Reuters during a trip to the Atacama region that the government was pushing state copper giant Codelco and the small National Mining Company (Enami) to develop lithium projects in the remote area. "It seems to me, to say the least, a sin that companies with lithium holdings like this are not even working them," Prokurica told Reuters during a visit to the salt flats. "What has been missing here is the will to move forward."



GM, LG CHEM TO ANNOUNCE EV BATTERY JOINT VENTURE IN OHIO
www.reuters.com

General Motors Co and South Korea’s LG Chem said on Thursday they will invest $2.3 billion to build an electric vehicle battery cell joint venture plant in Ohio, creating one of the world’s largest battery facilities. At a media briefing, GM Chief Executive Officer Mary Barra said the 50-50 joint venture with LG Chem is aimed at “dramatically enhancing electric vehicle affordability and profitability.” Barra said the Ohio battery plant will accelerate the automaker’s initiative to introduce 20 new electric vehicles globally by 2023.



CHINA TO TARGET QUARTER OF VEHICLE SALES TO BE ELECTRIC BY 2025
www.straitstimes.com

China should adopt a plan that will see electric vehicles make up a quarter of all autos sold in the country in six years' time, the industry ministry said on Tuesday (Dec 3), as the sector struggles with falling sales. The Ministry of Industry and Information Technology's draft proposal said China should seek to ensure one in four of all vehicles sold in 2025 was either a hybrid or fully-electric vehicle. The measures are partly to ensure the country meets its air pollution targets, and to reduce Beijing's dependence on imported oil. China would also continue to develop electric vehicle battery technologies, improve infrastructure for hydrogen fuel cell vehicles and driverless cars, it said. The draft proposal, which includes guidelines for the development of the new energy vehicle sector from 2021 to 2035, is open for public feedback until Dec 9.



BATTERY PRICES FALL NEARLY 50% IN 3 YEARS, SPURRING MORE ELECTRIFICATION: BNEF
www.utilitydive.com

Average market prices for battery packs have plunged from $1,100/kWh in 2010 to $156/kWh in 2019, an 87% fall in real terms, according to a report released Tuesday by Bloomberg New Energy Finance (BNEF). Prices are projected to fall to around $100/kWh by 2023, driving electrification across the global economy, according to BNEF's forecast. Customers purchasing batteries at a commercial scale for electric vehicles and energy storage, as well as using high energy density cathodes to store energy more efficiently in battery packs, are all spurring the price decline.



SOUTH KOREA'S SK INNOVATION SIGNS GLENCORE COBALT SUPPLY DEAL
www.reuters.com

South Korean battery maker SK Innovation has signed a six-year deal to buy up to 30,000 tonnes of cobalt from miner Glencore, allowing it produce batteries for 3 million electric vehicles.



SOUTH KOREA'S SK INNOVATION SIGNS GLENCORE COBALT SUPPLY DEAL
www.reuters.com

South Korean battery maker SK Innovation has signed a six-year deal to buy up to 30,000 tonnes of cobalt from miner Glencore, allowing it produce batteries for 3 million electric vehicles. SK Innovation said in a statement on Wednesday it assumed global cobalt demand for electric vehicle batteries would be 32,000 tonnes in 2020 and 92,000 tonnes in 2025. Glencore and China dominate global production of cobalt, which is concentrated in Democratic Republic of Congo, prompting concerns about conflict and artisanal labor.



CHINA RAISES 2025 ELECTRIFIED-CAR SALES TARGET TO ABOUT 25%
www.bloomberg.com

The country wants about 25% of new cars sold by 2025 to be electrified, according to a draft policy published by the Ministry of Industry and Information Technology on Tuesday. Though demand for electrified vehicles rose rapidly in recent years in China, they still only account for a about 5% of automobile sales in the country. And EV sales have now been dropping for four consecutive months after the government scaled back subsidies. The target signals electric cars remain a priority for the government as it wants to combat pollution and reduce reliance on imported oil.



LIONTOWN RESOURCES AIMS TO BRING KATHLEEN VALLEY ONLINE TO MEET NEXT WAVE OF LITHIUM DEMAND
smallcaps.com.au

A pre-feasibility study has confirmed the “robust” potential for Liontown Resources’ (ASX: LTR) Kathleen Valley project to become Western Australia’s next-generation lithium mine. Underpinning the study is a maiden reserve of 50.4 million tonnes at 1.2% lithium, with forecast production estimated at 295,000t per annum of 6% spodumene concentrate. The reserve is substantial enough to support a 26-year operation, with further growth expected from ongoing drilling.



from Twitter...
Hyundai will source its batteries from SK Innovation which won in an eleven companies bidding...
twitter.com

@BattronicsAG: Hyundai will source its batteries from SK Innovation which won in an eleven companies bidding. Huge deal of $8.6bn came out just before Christmas. The recently finished SKI plant in Jiangsu (CN,7.5GWh) and plant in Seosan (KR,4.7GWh) found a huge customer.



Kathleen Valley: Continuity of high-grade lithium mineralisation confirmed...
twitter.com

@LiontownRes: Kathleen Valley: Continuity of high-grade lithium mineralisation confirmed at recently discovered northern extension. Multiple thick, high-grade intersections confirm continuity between southern and northern parts of the mineralised system.



Mt. Marion lithium project: Spodumene Concentrate Price shipments...
twitter.com

@signumbox: Mt. Marion lithium project: Spodumene Concentrate Price shipments at US$ 520.92 US$/ton CIF China in Q4 2019. Q3 2019: US$ 608.95.



Besides, our conversations this month with global battery makers confirm...
twitter.com

@JoseLazuen: Besides, our conversations this month with global battery makers confirm their order book is full for next 3 years and no auto OEM in EU is backing down! Since I released @Roskill_Info Li-ion batteries report in April, gigafactories expected capacity increased 33% in 2028.



BMW and Ganfeng sign a 5-year / €540M lithium deal...
twitter.com

@JoseLazuen: BMW and Ganfeng sign a 5-year / €540M lithium deal. At today's lithium prices BMW would get 50Kt LCE, enough for 1.1M BEV or 3.7M PHEV over the 5 years of the contract. With this, already are 11 lithium deals signed between carmakers - miners since 2010.



Despite raw material prices falling from their 2018 highs...
twitter.com

@JamesTFrith: Despite raw material prices falling from their 2018 highs, CATL has pushed forward with introducing NMC 811 into passenger EVs. In 2019 CATL will deploy around 3GWh of NMC 811 cells



EU just approved subsidies for battery value chain...
twitter.com

@BattronicsAG: EU just approved subsidies for battery value chain: total $3.2bn where Belgium €80m; Finland €30m; France €960m; Germany €1.25bn; Italy €570m; Poland €240m, Sweden €50m.



Last week I rode in an EV taxi with an NMC 811 battery...
twitter.com

@colinmckerrache: Last week I rode in an EV taxi with an NMC 811 battery. A few years ago, conventional wisdom was that that chemistry wouldn't be commercially deployed at scale until well into the 2020s. Innovation marches on.



HUGE NEWS! @BYD_Europe received the largest ever single order...
twitter.com

@BYDCompany: HUGE NEWS! @BYD_Europe received the largest ever single order in Europe—259 electric buses! 259 zero emission buses will eliminate: 6,993 cars worth of emissions; 437,710 tons of C02; 2,590 tons of NOx



I don't think we're at peak car sales yet, but...
twitter.com

@colinmckerrache: I don't think we're at peak car sales yet, but it's looking more likely that we've already passed peak internal combustion car sales. Good piece below from my colleague @NatBullard



By 2023, average battery prices will be close to $100/kWh and...
twitter.com

@BloombergNEF: By 2023, average battery prices will be close to $100/kWh and the battery market will be worth $116 billion annually, and this doesn’t include investment in the supply chain.



By 2023, average battery prices will be close to $100/kWh...
twitter.com

@BloombergNEF: By 2023, average battery prices will be close to $100/kWh and the battery market will be worth $116 billion annually, and this doesn’t include investment in the supply chain. Learn more from our 2019 Battery Price Survey here.



Let the lithium ion battery megafactories rise.
twitter.com

@sdmoores: Let the lithium ion battery megafactories rise. @benchmarkmin data Dec 18 to Dec 19: Battery pipeline plants up 63 to 109; Tesla Gigafactory = largest plant @ 37GWh; Europe has seen biggest % change with Germany up 437%.



Let the lithium ion battery megafactories rise...
twitter.com

@sdmoores: Let the lithium ion battery megafactories rise. @benchmarkmin data Dec 18 to Dec 19: Battery pipeline plants up 63 to 109; Tesla Gigafactory = largest plant @ 37GWh; Europe has seen biggest % change with Germany up 437%.



The US battery supply chain is starting to play catch up...
twitter.com

@CDMRawles: The US battery supply chain is starting to play catch up - major investment from major players. This marks 110 on the @benchmarkmin Megafactory assessment and at 30GWh it would be second only to Tesla Giga 1 in North America.



Exciting times - the commissioning phase begins at our El Dorado Arkansas...
twitter.com

@StandardLithium: Exciting times - the commissioning phase begins at our El Dorado Arkansas industrial-scale direct lithium extraction demonstration plant.



Exciting times - the commissioning phase begins...
twitter.com

@StandardLithium: Exciting times - the commissioning phase begins at our El Dorado Arkansas industrial-scale direct lithium extraction demonstration plant.



2019 volume-weighted average lithium-ion battery pack prices are $156/kWh...
twitter.com

@colinmckerrache: 2019 volume-weighted average lithium-ion battery pack prices are $156/kWh. It's an industry average, so some higher, some lower. Number is very close to our forecast from last year. 18% learning rate (reduction per doubling of cumulative volume) holding up.



Battery prices, which were above $1,100 per kilowatt-hour in 2010, have fallen 87%...
twitter.com

@BloombergNEF: Battery prices, which were above $1,100 per kilowatt-hour in 2010, have fallen 87% in real terms to $156/kWh in 2019. By 2023, average prices will be close to $100/kWh. Learn more from our 2019 Battery Price Survey.



Battery prices, which were above $1,100 per kilowatt-hour in 2010, have fallen 87%...
twitter.com

@BloombergNEF: Battery prices, which were above $1,100 per kilowatt-hour in 2010, have fallen 87% in real terms to $156/kWh in 2019. By 2023, average prices will be close to $100/kWh. Learn more from our 2019 Battery Price Survey.



Electric vehicles at 20-25% of sales by 2025 would mean...
twitter.com

@colinmckerrache: Electric vehicles at 20-25% of sales by 2025 would mean sales of internal combustion vehicles in the world's largest auto market have already peaked. Plan accordingly.



Electric vehicles at 20-25% of sales by 2025 would mean...
twitter.com

@colinmckerrache: Electric vehicles at 20-25% of sales by 2025 would mean sales of internal combustion vehicles in the world's largest auto market have already peaked. Plan accordingly.



German car industry faces ‘day of reckoning’
twitter.com

In the next decade, almost a quarter of a million auto jobs will be lost in the country, according to Ferdinand Dudenhöffer, the director of the Center for Automotive Research at the University of Duisburg-Essen. Continental is doing away with 3,570 positions in Germany alone, while Bosch will slash thousands of jobs in the next two years, and employees at ZF have been protesting against looming cuts. The market for petrol and diesel engine components will decline at 7 per cent a year, according to a recent McKinsey study. Car sales in China, which helped Germany’s biggest brands weather the financial crisis, have slowed for 17 months in a row, drastically reducing a key source of revenue at the precise moment it is needed to fund new technologies.



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