Key players' plans to invest $4. 5 trillion in electric vehicles

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Key players' plans to invest $4. 5 trillion in electric vehicles

SEOUL Reuters - The global auto industry's shift to electric vehicles EVs has led to an expansion race among battery makers and spurred a growing skill shortage.

Global EV sales, estimated at 2.5 million vehicles in 2020, are forecast to grow more than 12 fold to 31.1 million by 2030 and account for nearly a third of new vehicle sales, according to consulting firm Deloitte.

Here are key players' expansion plans in key EV markets of China, the United States and Europe.

As of end-June, the Chinese company had an additional battery production capacity of 65.45 Gigawatt hours GWh and an annual capacity of 92.5 GWh under construction.

com SOUTHKKOREA-BATTERIES TALENT lbvgngxzmpq chart.png, its clients include Volkswagen, General Motors, BMW, Daimler, and Chinese automakers.

The company announced a plan in August to set up a production base in Shanghai, a move that will put it close to Tesla Inc's Chinese production base.

It plans to invest more than $4.5 billion in its U.S. battery production business through 2025. The plans include two new plants, built jointly with GM in Ohio and Tennessee, which would allow LGES to manufacture 70 GWh of batteries in the United States by 2024.

LGES already has a factory in Michigan with an annual production capacity of 5 GWh.

In China, where Tesla makes cylindrical battery cells for Tesla, it has invested about 5.7 trillion won $4.8 billion and plans to invest another 1.5 trillion won.

It has invested about 6.8 trillion won in Poland since 2016 to secure an annual production capacity of 70 GWh and plans to make another 2.5 trillion won investment.

In July, LGES and Hyundai Motor Group said they would invest $1.1 billion to jointly set up an EV battery plant in Indonesia.

The Japanese company manufactures cylindrical NCA Nickel-Cobalt - Aluminum batteries in Japan at a plant in Nevada and in facilities in Nevada. It does not disclose its manufacturing capacity, but in May said it was aiming to expand the 35 GWh Nevada facility because of increased demand from Tesla. The Nevada plant, built for $1.6 billion, was opened in 2014.

Tesla plans to begin a test line in Japan this year to make a new cylindrical battery designed by Panasonic to halve battery costs. It also has a joint venture with Toyota Motor, Prime Planet Energy Solutions, to develop prismatic batteries.

Panasonic is also considering building an auto battery plant in Europe to expand into Norway, but has yet to give details.

SK On has a combined global annual production capacity of 40 GWh - 27 GWh in Hungary, 7.5 GWh in China and the rest from South Korea.

It plans to boost that more than fivefold to 220 GWhh by 2025, with the expansion primarily focused on the U.S. market.

SK On is building two EV battery plants in Georgia with a combined annual production capacity of 21.5 GWh that will begin production in early 2022.

With partner Ford Motor Co, it has a 10.2 trillion won investment plan to build three battery plants in the United States with a combined annual capacity of 129 GWh of batteries, enough to power about 2.2 million EVs.

SK said it has an industry-leading order backlog of 1,600 gigawatt hours, enough to power 27 million vehicles.

The affiliate of Samsung Electronics Co Ltd has EV battery cell plants in Hungary, China and South Korea.

It has entered an agreement for a joint venture with automaker Stellantis https: www.reuters.com. com business autos-transportation samsung-sdi - stellantis-set - up-ev - battery-joint - venture-us - 2021 - 10 - 22 NV to produce EV battery cells and modules in the United States.

The aim is to start operations by the first half of 2025 with an initial annual battery production capacity of 23 GWh, which can be ramped up to 40 GWh in the future - enough to power about 670,000 electric vehicles, Samsung SDI said.

Samsung SDI does not disclose breakdowns of its investments or production capacity of each battery production site.

In July, Reuters reported the company, whose customers include Ford and BMW, may build a battery cell plant in the United States https: www.reuters.com.