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THE PATH TOWARDS THE US BATTERY SUPPLY CHAIN INDEPENDENCE
- 1. Copyright Ā© 2023 S&P Global.
Permission to reprint or distribute any content from this presentation requires the prior written approval of S&P Global.
Battery Tech USA 2023
The Path Towards The US Battery
Supply Chain Independence
Jay Hwang,
Senior Research Analyst at Supply Chain and Technology department
March 6, 2023
- 2. Copyright Ā© 2023 S&P Global.
Agenda
2
Global EV Battery Outlook
ā¢ Battery cell supply and demand
ā¢ Cathode and Anode
ā¢ Nickel and Lithium
Inflation Reduction Act
ā¢ Recent updates on definition
ā¢ IRA implications on battery supply chain
- 4. Copyright Ā© 2023 S&P Global.
Growing Electrification despite of Slow Down Vehicle Production
40% BEV Penetration by 2030
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
70,000,000
80,000,000
90,000,000
100,000,000
2022 2023 2024 2025 2026 2027 2028 2029 2030
Light
Vehicle
BEV
Penetration
Light
Vehicle
Production
Volume
Electric Fuel Cell Hybrid-Full Hybrid-Mild ICE ICE: Stop/Start BEV Penetration
7.7
Million
39
Million
0.5
TWh
3.5
TWh
BEV
Source: S&P Global, AutoTechInsight
Battery
4
- 5. Copyright Ā© 2023 S&P Global.
Battery Cell Type Outlook
5
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022 2023 2024 2025 2026 2027 2028 2029 2030
Share
by
Capacity
%
Prismatic Cylinder Pouch
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2022 2023 2024 2025 2026 2027 2028 2029 2030
Share
by
Capacity
%
Prismatic Cylinder Pouch
Greater China BEV Cell Type Europe and North America BEV Cell Type
Source: S&P Global, AutoTechInsight
- 6. Copyright Ā© 2023 S&P Global.
BEV Battery Configuration
Cell to Pack Penetration increased to 30% by 2030
6
2022 2030
Share by BEV Vehicle Volume Share by BEV Vehicle Volume
30%
Source: S&P Global, AutoTechInsight
- 7. Copyright Ā© 2023 S&P Global.
Market Share of Cathode Materials (2022) Market Share of Cathode Materials (2030)
Diversified Cathode Materials
Driven by Performance, Cost Competitiveness, Raw Material Availability
7
Source: S&P Global, AutoTechInsight
35%
36%
28%
67%
22%
- 8. Copyright Ā© 2023 S&P Global.
0
500
1,000
1,500
2,000
2021 2027
0
500
1,000
1,500
2,000
2021 2027
8
Over 4TWh Battery Cell Production Capacity by 2027
Battery suppliers are ramping up capacity to meet battery demand
North America:
Europe:
Greater China:
Japan/Korea
South Asia
Ā© 2022 S&P Global
0
500
1,000
1,500
2,000
2021 2027
0
500
1,000
1,500
2,000
2021 2027
0
500
1,000
1,500
2,000
2021 2027
Production tightness if
1) Delayed expansion; 2)Low effective capacity during ramp up; 3)Raw Material Supply Constrains
Source: S&P Global, AutoTechInsight
- 9. Copyright Ā© 2023 S&P Global. 9
Cathode active material supply and demand
Sufficient planned capacity at the global level, yet not enough local production in Europe and North America
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
North America Japan/Korea Greater China Europe
Cathode active material production per region
Note: Utilization rate defined as the ratio of the Light vehicle demand over the announced capacities
Source: S&P Global Mobility, AutoTechInsight, Cathode Active Material dataset, data as of December 2022
Ā© 2022 S&P Global.
CAM
production
('000
metric
tonnes)
Data compiled on 20/12/2022
Data compiled on 12/01/2023
Notes: CAM: Cathode Active Material
Source: S&P Global Mobility, AutoTechInsight, Cathode Active Material dataset, data as of December 2022
Ā© 2022 S&P Global.
2022 capacity:
2730 kT, 38%
utilization rate
2028 capacity:
9400 kT, 53%
utilization rate
0 2000 4000 6000 8000
Europe
Greater China
Japan/Korea
North America
Demand 2028 Capacity 2028
Cathode active material supply vs. demand per region
CAM demand/capacity ('000 metric tonnes)
- 10. Copyright Ā© 2023 S&P Global. 10
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
North America Japan/Korea Greater China Europe
Anode active material production per region
Note: Utilization rate defined as the ratio of the Light vehicle demand over the announced capacities
Source: S&P Global Mobility, AutoTechInsight, Anode Active Material dataset, Data as of December 2022
Ā© 2022 S&P Global.
AAM
production
('000
metric
tonnes)
Data compiled 20/12/2022 Data compiled 20/12/2022
Source: S&P Global Mobility, AutoTechInsight, Anode Active Material dataset, Data as of December 2022
Ā© 2022 S&P Global.
2022 capacity:
1000 kTļ 50%
utilization rate
2028 capacity:
3600 kT ļ 70%
utilization rate
Sufficient planned capacity at the global level, yet not enough local production in Europe and North America
Anode active material supply and demand
0 1000 2000 3000 4000
Europe
Greater China
Japan/Korea
North America
Demand 2028 Capacity 2028
Anode active material supply vs. demand per region
CAM demand/capacity ('000 metric tonnes)
- 11. Copyright Ā© 2023 S&P Global. 11
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
LFP LMFP NCM High Manganese
NCM High Nickel NCM Mid-nickel NCA
Cathode chemistry mix in light duty vehicle batteries
Despite the deficit in 2022, a surplus is forecast until 2026.
Nickel supply chain
Data compiled 20/12/2022
Source: S&P Global Mobility, AutoTechInsight, High Voltage battery forecast, Data as of December 2022
Ā© 2022 S&P Global.
-200
-150
-100
-50
0
50
100
150
200
250
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2019 2020 2021 2022 2023f 2024f 2025f 2026f
Primary use Primary output Market balance
Global production and consumption of primary nickel
Source: S&P Global Commodity Insight, Nickel Commodity Briefing Service, Data as of November 2022
Ā© 2022 S&P Global.
Production
and
consumption
of
nickel
('000
metric
tonnes
of
LME
nickel)
market
balance
('000
metric
tonnes
of
LME
nickel)
- 12. Copyright Ā© 2023 S&P Global. 12
0
20
40
60
80
100
120
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
A B C D E
Average battery pack size of light duty battery electric vehicles per
segment
Average
battery
pack
capacity
(kWh)
Source: S&P Global Mobiligy, AutoTechInsight, High Voltage Battery forecast,
October 2022
Ā© 2022 S&P Global
Deficit in the short-term is expected. High prices can incentivize investments that are needed to fulfil the
increasing demand across all vehicle size segments
Lithium supply chain
-80
-60
-40
-20
0
20
40
60
80
100
0
200
400
600
800
1,000
1,200
1,400
1,600
2019 2020 2021 2022e 2023f 2024f 2025f 2026f
Lithium chemical consumption (000 t LCE)
Lithium chemical supply (000 t LCE)
Balance (000 t LCE)
Global production and consumption of lithium chemicals
Source: S&P Global Commodity Insight, Lithium and cobalt Commodity Briefing Service, Data as of November 2022
Ā© 2022 S&P Global.
Lithium
chemicals
production
and
consumption
('000
metric
tonnes
of
LCE)
Market
balance
('000
metric
tonnes
of
LCE)
- 13. Copyright Ā© 2023 S&P Global. 13
Cobalt ethical sourcing
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
2021 2022 2023 2024 2025 2026 2027 2028
DRC Indonesia
Production country of Primary cobalt
Source: S&P Global Mobility.
Ā© 2022 S&P Global.
Metric
tonnes
of
metallic
content
The demand includes the primary cobalt used in light duty vehicles
DRC: Democtratic Republic of Congo
Data compiled 19/12/2022
High concentration of resources and production in
Democratic republic of Congo
S&P Global country risk score: 4.1 (Very high)
Reports of child labour in artisanal mining sites
Substantial capacities are going into production in
Indonesia due to technological breakthroughs in the
conversion of lateritic ore to class one
- 14. Copyright Ā© 2023 S&P Global. 14
The monopoly of China in most battery material markets creates a geopolitical risk
Chinaās dominance on battery materials
Data compiled 20/12/2022
Source: S&P Global Mobility, AutoTechInsight, battery raw material forecast, data as of December 2022
Ā© 2022 S&P Global.
0%
20%
40%
60%
80%
100%
120%
AAM 2022 AAM 2028 CAM 2022 CAM 2028 pCAM
2022
pCAM
2028
Lithium
2022
Lithium
2028
Nickel
2022
Nickel
2028
Cobalt
2022
Cobalt
2028
Graphite
2022
Graphite
20228
Mainland China Other Countries
Share of China in battery material markets
- 16. Copyright Ā© 2023 S&P Global. 16
$3,750 from battery critical minerals requirements $3,750 from battery components requirements
Inflation Reduction Act: Summary of $7,500 EV tax credit
ā¢ Excluded entities (e.g., China, Russia) shouldnāt be
included in any of the extraction/processing/recycling
process
ā Critical minerals: after Dec 31, 2024
ā Battery components: after Dec 31, 2023
ā¢ Battery capacity should be at least 7kWh which
means most of PHEVs are eligible. FCEVs are also
eligible for the credit
ā¢ The requirements on excluded entities are also
applied to components
Battery implications: For now, only a few vehicles/OEMs should be fully eligible for the tougher requirements
Source: Inflation Reduction Act of 2022 US Congress, S&P Global Mobility AutoTechInsight
- 17. Copyright Ā© 2023 S&P Global. 17
Proposed definitions on critical minerals and components
ā¢ Critical minerals: refined or pure substance
ā Lithium: lithium carbonate/hydroxide, min. purity of 99.9%
lithium by mass
ā Nickel: nickel sulphate, min. purity of 99% nickel by mass
ā Similar for cobalt, manganese, graphite..
ā¢ Processing/recycling: processes to create
constituent materials (not just critical minerals)
ā¢ Constituent materials (Out of scope): 1) containing
critical minerals, 2) being employed directly in the
manufacturing of battery components
ā powders for CAM/AAM, foils, binders, electrolyte
salts/additives..
ā¢ Battery components: include cathode/anode
electrode, battery cell and module, separator, solid
state/liquid electrolyte..
New introduction of constituent materials may result in less strict criteria (to be finalized in Mar 2023)
Source: Inflation Reduction Act of 2022 US Congress 30D White Paper US Dept. of Treasury
Scope of critical minerals value Scope of battery components value
- 18. Copyright Ā© 2023 S&P Global. 18
Proposed value calculations for minerals and battery components
ā¢ Qualifying procurement chain: >50% of value added in 1)
extraction steps, or 2) processing steps occurred in the US or
one of FTA countries
ā¢ % of value: value of ā(all qualifying critical minerals)/ā(all
critical minerals). OEM could average % calculation over time
for vehicles from same model line/plant/class, or combination
ā¢ Local production: if substantially all of the manufacturing or
assembly activities for a component occur in North America
ā¢ % of value: inc. value of ā(all NA comp)/ā(all comp). Avg. %
calculation is same for components.
New calculation proposal may indicate more qualifying vehicles, but still uncertainty remains
Source: Inflation Reduction Act of 2022 US Congress, 30D White Paper US Dept. of Treasury, S&P Global Mobility, * Assuming less than 50% value added of processing steps occurred in the US, ** Foreign entities of concern rule will be applied after Dec 2024 for critical minerals
Transition rule for 2023, 2024: Example for Lithium Example for battery components
Chile
Extraction
Foreign
Refining
Foreign
Co-precipitation
Electrolyte
Incremental value of component (includes the value of constituent materials)
Cathode
powder
Foreign
Calcination
pCAM
Lithium
Carbonate or
Hydroxide
Spodumene
or Brine
Lithium
resource
Cathode
electrode
Module
Foreign Foreign Foreign US
Australia Canada China Foreign
Procurement chains for Ni, Co, Mn, Graphiteā¦ Anode
powder
Others
Anode
electrode
Cell
Others
Cathode
Electrode
Anode
electrode
*
**
Separator
Module
Cell
$A, Canada $B, Canada $C, Foreign $D, Foreign
$E, Canada $F, US
- 19. Copyright Ā© 2023 S&P Global.
ā¢ Battery cell: $35/kWh for U.S. manufactured products
ā¢ Battery module: $10/kWh
ā¢ Electrode active materials: 10% PTC (production tax
credit)
ā¢ Critical minerals for battery: 10% PTC
ā¢ PTC will be effective after Dec 31, 2022 and phase
out after Dec 31, 2029
ā¢ PTC phase out schedule: 75% of full credit in
2030, and 25% reduction until it reaches 0% in
2033
Details of battery domestic production credit Case in point: Ford and Teslaās tax credit
Inflation Reduction Act: Potential Incentives From Domestic Battery Production
A game changer for battery makers if they are eligible for Advanced Manufacturing Production Credit
Source: Ford 3Q 2022 earnings call (Oct 26, 2022), Tesla 4Q 2022 earnings call (Jan 26, 2023)
U.S. Congress, Congressional Research Service
100GWh of domestic battery production
= Max. annual tax credit of $4.5bn for
battery makers (cell & module)
ā¢ Ford expects $7bn of battery production tax credit
among Ford and battery partners in 2023-26
ā¢ $7bn credit = 156GWh production if $45/kWh max
credit assumed (c.1.56mn F-150 Lightnings)
ā¢ Large step up from 2027 due to the full production
of JV battery plants
ā¢ Tesla expects $0.6-1.0bn (annualized) in 2023
ā¢ 13-22GWh production if $45/kWh max credit
assumed (c.160-270k LR Model 3/Ys)
ā¢ Elon Musk (CEO): ā¦In the case of Panasonic domestic
manufacturing, weāre splitting the value of credits.
ā¢ Zach Kirkhorn (CFO): ā¦But we think on the order of
$150-250mn per quarter this year and growing over the
course of the year as our volumes grow
19
- 20. Copyright Ā© 2023 S&P Global.
After the introduction of āConstituent materialsā, there will be higher chances for components eligibility
Inflation Reduction Act: Requirements On Components For $3,750 Credit
Interim results
20
0%
20%
40%
60%
80%
100%
2022 2023 2024 2025 2026 2027 2028 2029 2030
CAM powder AAM powder Cell, Cathode/anode electrode Module % of IRA requirements
Percentage of the NA produced battery components for all NA vehicles
Only the batteries used for the light passenger vehicle (excluding light commercial vehicles) plug-in electric vehicles produced in North America are considered. % of components are calculated based on the vehicle volume with components produced in North America.
All of CAM/AAM electrode volume was assumed to be manufactured simultaneously with battery cell.
Source: S&P Global, AutoTechInsight, Jan 2023, The battery components % is calculated based on S&P Global's AutoTechInsight, Energy Storage Device & Battery Raw Material
%
vehicle
of
components
produced
in
NA
After
redefinition
Excluded entity rule
begins..
- 21. Copyright Ā© 2023 S&P Global.
Cell localization will become more critical to meet components requirements after the revision
Inflation Reduction Act: Requirements On Components For $3,750 Credit
Interim results
21
0%
20%
40%
60%
80%
100%
2022 2023 2024 2025 2026 2027 2028 2029 2030
Cathode elec. Anode elec. Cell Module Electrolyte Seperator % of IRA requirements
S&P Global Mobility forecast for % of total battery components value made in NA for all NA vehicles
Note: The battery components % is calculated based on S&P Global's AutoTechInsight, Energy Storage Device & Battery Raw Material
Light commercial vehicles, IRA requirements from vehicle MSRP are not included in this data. The estimated upside from electrolyte and separator is assumed to be same as % of cell local rate
Source: S&P Global, AutoTechInsight, Jan 2023
%
of
total
components
value
produced
in
NA
- 22. Copyright Ā© 2023 S&P Global.
While cell/module production in North America will remain high, CAM/AAM productions are more challenging
Inflation Reduction Act: Requirements On Critical Minerals For $3,750 Credit
Interim results
22
0%
20%
40%
60%
80%
100%
2022 2023 2024 2025 2026 2027 2028 2029 2030
Nickel Cobalt Lithium % of IRA requirements
Percentage of the NA/FTA sourced minerals for all NA vehicles
Note: The battery critical mineral % is calculated based on demand tonnes in S&P Global's AutoTechInsight, Battery Raw Material
Light commercial vehicles, IRA requirements from vehicle MSRP are not included in this data. NA/FTA sourced minerals are defined as minerals extracted or refined in NA/FTA countries and donāt include processing steps from minerals to CAM.
Source: S&P Global, AutoTechInsight, Jan 2023, Metal price assumptions from S&P Commodity Insights
%
volume
of
NA/FTA
sourced
minerals
Excluded entity rule
begins..
- 23. Copyright Ā© 2023 S&P Global.
Nickel sourcing from NA/FTA will be the critical component of meeting IRA
Inflation Reduction Act: Requirements On Critical Minerals For $3,750 Credit
Interim results
23
0%
20%
40%
60%
80%
100%
2022 2023 2024 2025 2026 2027 2028 2029 2030
Nickel Cobalt Lithium % of IRA requirements
S&P Global Mobility forecast for % of total Ni/Co/Li value sourced from NA/FTA for all NA vehicles
Note: The battery critical mineral % is calculated based on demand tonnes in S&P Global's AutoTechInsight, Battery Raw Material
Light commercial vehicles, IRA requirements from vehicle MSRP are not included in this data. NA/FTA sourced minerals are defined as minerals extracted or refined in NA/FTA countries and donāt include processing steps from minerals to CAM.
Source: S&P Global, AutoTechInsight, Jan 2023, Metal price assumptions from S&P Commodity Insights
Ā© 2022 S&P Global
%
of
total
Ni/Co/Li
value
sourced
from
NA/FTA
- 24. Copyright Ā© 2023 S&P Global.
More mineral sourcing in eligible entities is expected to replace Foreign/China, but it will take some time
Inflation Reduction Act: Requirements On Critical Minerals For $3,750 Credit
Interim results
24
0%
20%
40%
60%
80%
100%
2022 2023 2024 2025 2026 2027 2028 2029 2030
North America FTA Foreign Excluded entities % of IRA requirements
S&P Global Mobility forecast for % of total Ni/Co/Li value by region/entity for all NA vehicles
Note: The battery critical mineral % is calculated based on demand tonnes in S&P Global's AutoTechInsight, Battery Raw Material
Light commercial vehicles, IRA requirements from vehicle MSRP are not included in this data. NA/FTA sourced minerals here are defined as minerals extracted or refined in NA/FTA countries and donāt include processing steps from minerals to CAM.
Source: S&P Global, AutoTechInsight, Jan 2023, Metal price assumptions from S&P Commodity Insights
%
of
total
Ni/Co/Li
value
sourced
- 25. Copyright Ā© 2023 S&P Global.
Geographical IRA implications on material/mineral companies
Substantial reserves of lithium are found in Australia and Chile. However, the processing should be moved to
FTA countries due to shorter lead time
Canada
Mexico
Chile
Australia
South Korea
Morocco
Ni Co
Co Ni
Co
Li
Li
Li
Li
Gr
Gr
Nickel, Graphite (processing)
Note: The pie charts show the indicative percentage of the reserves of natural graphite, lithium, cobalt and nickel,
* Quote from 30D White Paper US Dept. of Treasury
25
More countries may be added
āā¦the Secretary may identify additional free
trade agreements for purposes of the critical
minerals requirement going forward and will
evaluate any newly negotiated agreements for
proposed inclusion:ā*
- 26. Copyright Ā© 2023 S&P Global.
ā¢ Tax credit amount should be the lesser of..
ā¢ 30% of vehicle cost which is not powered by
gasoline/diesel ICE (15% of vehicle cost otherwise)
ā¢ The incremental cost relative to a comparable vehicle (i.e.,
difference in clean vehicle price vs. ICE vehicle)
ā¢ Max. EV tax credit amounts: $7.5k for last mile delivery vans
ā¢ $7,500 for less than 14,000 pounds commercial vehicles
ā¢ $40,000 otherwise
ā¢ For commercial vehicles less than 14,000 pounds..
ā¢ For now, minimum battery capacity 7kWh is the only
battery related criteria for clean CVs
ā¢ 15kWh for vehicles with more than 14k pounds
No criteria for battery materials sourcing Large CV credits due to few battery requirements
ā¢ Ford estimated that 55-65% of its CV customers will be
qualified up to $7.5k credits
ā¢ E-Transit, F-150 Lightning Pro will be included here
ā¢ Meanwhile, only half of $7.5k credits for ācertainā Mach-E and
F-150 Lightning models will be qualified in ā23
ā¢ It will tougher due to Foreign Entity of Concern rules
ā¢ The tax credit amounts will be more significant if automakers
can be qualified for max. $40k credits from heavy duty truck
productions
IRA implications for light commercial vehicles (included in our forecast)
For commercial electric vehicles, there is no battery sourcing requirements
Source: U.S. Congress, Congressional Research Service Source: Ford 3Q 2022 earnings call
Copyright Ā© 2022 by S&P Global Mobility, a division of S&P Global Inc. All rights reserved. 26
- 27. Copyright Ā© 2023 S&P Global.
Carbon footprint regulation proposal
Comparison with European legislations: Impact of IRA on European OEMs
o The import of battery electric vehicles to the US is
disincentivized as they donāt benefit the tax credit e.g.
Audi e-Tron
o Similarly vehicle (and cell) Production in Mexico or Canada
will be disincentivized, Audi Q5 e-Tron and BMW iX3
o European premium brands like Porsche might not benefit
from the IRA due to the 80,000 USD cap for the SUV/pickup
trucks and 55,000 USD cap for the sedansā price tag
Inflation Reduction Act: Considerations for European players
2024: Mandatory declaration of the carbon footprint
of batteries
2026: Batteries subject to classification into carbon
footprint performance classes
2027: Maximum carbon footprint threshold will be
applied
Drives heavily the green local production of
battery cells, cathode and anode, as shipping
from other regions will be penalized in this law
Copyright Ā© 2022 by S&P Global Mobility, a division of S&P Global Inc. All rights reserved. 27
- 28. Copyright Ā© 2023 S&P Global.
Summary comments and implications
Key takeaways
US OEMs
EU OEMs
ā¢ US automakers with local cells will enjoy benefits while some foreign vehicles assembled overseas
were immediately excluded from EV tax credit as soon as the bill was passed in mid Aug 2022
ā¢ US big 3 and Tesla have been and will be most active on signing contracts with NA upstream suppliers
ā¢ Startups may face more challenges due to difficulties in local battery sourcing and heightened cap
ā¢ IRA may deteriorate some advantages from EU auto ā Chinese battery partnerships, but overall, EU
OEMs have been preparing well for the US localization
ā¢ Exporting EU-made battery components to NA vehicles should be revised to local production
Japan/Korea OEMs
ā¢ Car makers are required to set up new EV manufacturing sites in the US to be eligible for incentives
ā¢ Japanese car makers could build mass EV manufacturing sites in the US earlier than in Japan
ā¢ Renault and General Motors in South Korea lose opportunity to export EVs made in Korea to the US
Mainland China OEMs ā¢ Little impact on overall Chinese OEMs due to limited presence in US market
28
- 29. Copyright Ā© 2023 S&P Global.
Summary comments and implications
Battery cell
CAM/AAM
ā¢ Global battery makers can shift their components sourcing from China to North America
ā¢ Incentives for US battery gigafactories will be significant due to advanced production tax credit
ā¢ Cell localization will become more important for IRA requirements since CAM/AAM powders will be out
of scope after the introduction of constituent materials
ā¢ CAM/AAM powder local plants will likely have limited value-add from IRA due to constituent materials
ā¢ But still, CAM ā OEM JVs will be important to achieve stable long-term material sourcing
ā¢ It is still unclear if imported Chinese CAM/AAM powder will be eligible for IRA component requirements
Key takeaways
Ni/Li/Co
ā¢ Nickel in Canada will be needed more as nickel extraction is strained in a few non-NA/FTA countries
ā¢ A large part of lithium processing is concentrated in China while lithium reserve isnāt restricted
ā¢ Mineral processing in Canada/FTA countries will be actively pursued as itās less location restrictive and
time consuming than mining
Recycling
ā¢ New EV tax credit from recycled critical minerals will help solve the economic feasibility issues of NA
based recycling business and promote close-loop recycling
ā¢ Partnership between recyclers and cell makers can be an effective strategy to meet IRA criteria
ā¢ More recycling internalization from OEM level could happen
29
- 30. Copyright Ā© 2023 S&P Global. 30
Battery-related services at S&P Global Mobility
High Voltage Battery
Existing
Low Voltage Battery
Existing
Battery Raw Material
Existing
Battery CO2
To be launched in 2023
Battery Recycling
To be launched in 2023
Shedding light at various angles of a complex system
- 31. Copyright Ā© 2023 S&P Global.
Subscription Level: CFA Supplier Metrics
Connected Car
(Sales & Production Basis)
ā¢ Headunit
ā¢ Telematics
ā¢ Over-the-Air and Paid Updates
(*also available on Connected
Vehicles in Operation-basis)
Autonomy
(Sales & Production Basis)
ā¢ Autonomy Level
ā¢ Autonomy Applications
ā¢ Camera Sensors
ā¢ Lidar Sensors
ā¢ Radar Sensors
E/E & Semiconductor
(Sales & Production Basis)
ā¢ Autonomy Domain Controller and
SoC (2022)
ā¢ Cockpit Domain Controller and
SoC (2022)
ā¢ ECU (2023)
Interior
ā¢ Airbag Module
ā¢ Door Trim Panel
ā¢ Floor Console
ā¢ Headrest
ā¢ Instrument Panel
ā¢ Seat Assembly
ā¢ Seat Cover
ā¢ Seat Foam
ā¢ Seat Frame (Backrest/Cushion)
ā¢ Seat Lumbar
ā¢ Seat Massage
ā¢ Seat Recliner
ā¢ Seat Thermal
ā¢ Seat Track
ā¢ Sunroof System (Fixed/Power)
Lighting
ā¢ Front Lighting
ā¢ Headlamp
ā¢ Tail Lamp
Materials
& Lightweighting
ā¢ Body-in-White Materials
Thermal
ā¢ AC Compressor
ā¢ AC Condenser/Drier
ā¢ AC Hose and Tube
ā¢ Battery Thermal (& Extended)
ā¢ Charge Air Cooler
ā¢ Cooled EGR
ā¢ Cooling Module
ā¢ E-Mobility Cooling Bundle
ā¢ E-Mobility HVAC
ā¢ E-Mobility Propulsion Thermal
ā¢ E-Mobility Thermal Architecture
ā¢ Engine Oil Cooler and Filter
ā¢ HVAC
ā¢ Transmission Oil Cooler
ā¢ Water Pump
UI/UX
(Sales & Production Basis)
ā¢ Acoustics
ā¢ Center Stack Display
ā¢ Head-Up Display
ā¢ Instrument Cluster
ā¢ Vehicle Access 2023
Battery
ā¢ High Voltage Battery (& Extended)
ā¢ High Voltage Battery Bundle
ā¢ Low Voltage Battery
ā¢ Battery Raw Material (& Extended)
ā¢ Battery Carbon Footprint (& Extended)
from Q3 2023
ā¢ Battery Recycling (& Extended)
from Q4 2023
Charging
ā¢ E-Mobility Supplier Module
ā¢ Power Electronics (& Extended)
ā¢ Vehicle-side Charging (&
Extended))
Propulsion
ā¢ Catalytic Converter
ā¢ E-Motor (& Extended)
ā¢ E-Mobility Propulsion Bundle (&
Extended)
ā¢ Exhaust Cold End
ā¢ Exhaust Manifold
ā¢ Front Differential
ā¢ Fuel Injector
ā¢ Gasoline DI Fuel Pump
ā¢ Intake Manifold
ā¢ Low Voltage Battery
ā¢ Power Transfer Unit
ā¢ Rear Differential
ā¢ Throttle Body
ā¢ Torque Management Device
Bundle
ā¢ Torque Management Device Tech
ā¢ Torque Management Device
Supplier Module
ā¢ Transfer Case
ā¢ Turbo/Supercharger
Chassis
ā¢ Brake Actuation System
(& Extended)
ā¢ Brake Caliper
ā¢ Brake Pad (*Also on Powertrain-basis)
ā¢ Brake System
ā¢ Park Brake System
ā¢ Power Steering System (& Extended)
ā¢ Shock Absorbers and Struts (& Extended)
ā¢ Chassis Domain Controller (2022)
- 32. 32
Our six divisions focus on
distinct markets-and together,
they deliver unmatched
breadth and depth.
- 33. Copyright Ā© 2023 S&P Global.
Copyright Ā© 2023 S&P Global. 33
Contact us
Copyright Ā© 2023 S&P Global.
PRIMARY CONTACT(S)
Jay Hwang
Jay.hwang@ihsmarkit.com
CONTACT US
Americas +1 800 516 2021
Asia Pacific +60 4 296 1126
Europe, Middle East, Africa +44 (0) 203 367 0682
www.spglobal.com/en/enterprise/about/contact-us.html
www.spglobal.com/mobility
- 35. Copyright Ā© 2023 S&P Global Inc. All rights reserved.
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