FRANKFURT, Germany (AP) — Volkswagen is rolling out what it bills as the breakthrough electric car for the masses, the leading edge of a wave of new battery-powered vehicles about to hit the European auto market.
European Lithium (FRA: PF8, VSE: ELI, NEX: EUR, ASX: EUR) has reported on the optimization of its financing structure in its press release titled ‘European Lithium Signs Binding Agreement for A$10 M Funding Facility’.
A Chinese battery maker carved out of the country’s biggest sport utility vehicle manufacturer, Great Wall Motor Co Ltd, on Tuesday said it is planning its first overseas manufacturing base in Europe. SVOLT Energy Technology Co Ltd general manager Yang Hongxin said, “We plan to have five production bases worldwide, including in the United States, but it will take time. The global plan is to reach a capacity of 100 GWh by 2025.”
The move comes as Asian battery makers deepen cooperation with automakers in Europe, where limited means of making the cells that power electric vehicles has raised concern of over-reliance on Asian manufacturers.
There is huge opportunity for Europe to capture a significant share of the lithium battery value chain, and potentially position the European electric vehicle sector as a global leader.
Global automakers are planning an unprecedented level of spending to develop and procure batteries and electric vehicles over the next five to 10 years. Reuters have analysed public data released by those companies and their plans to spend at least $300 billion on EVs are driven largely by environmental concerns and government policy, and supported by rapid technological advances that have improved battery cost, range and charging time.
We are in a lithium-ion revolution…
Benchmark Mineral Intelligence forecasts that we will see a 399% increase in lithium-ion battery production capacity over the next decade – enough to pass the impressive 1 TWh milestone.
The EU is planning to allow state aid for electric battery research and will offer billions of euros of co-funding to companies willing to build giant battery factories.
Our global long-term Electric Vehicle Outlook (EVO) forecasts EV adoption out to 2040 and the impact that electrification will have on automotive and power markets, as well as on fossil fuel displacement and demand for key materials.
“Our latest forecast shows sales of electric vehicles (EVs) increasing from a record 1.1 million worldwide in 2017, to 11 million in 2025 and then surging to 30 million in 2030 as they become cheaper to make than internal combustion engine (ICE) cars. China will lead this transition, with sales there accounting for almost 50% of the global EV market in 2025.”
- By 2040, 55% of all new car sales and 33% of the global fleet will be electric.
- China is and will continue to be the largest EV market in the world through 2040.
- EV costs. The upfront cost of EVs will become competitive on an unsubsidized basis starting in 2024. By 2029, almost all segments reach parity as battery prices continue to fall.
- E-buses. Buses go electric faster than light duty vehicles.
- Displacement of transport fuel. Electrified buses and cars will displace a combined 7.3 million barrels per day of transportation fuel in 2040.