2020 ‘turning point’ for Volkswagen EV sector with record sales

German carmaker Volkswagen Group delivered 212,000 electric cars in 2020, a 158% increase from a year earlier and a record high for the company despite a challenging market environment and an overall drop in sales due to the economic fallout of the Covid-19 pandemic, it said on Tuesday January 12.

The company reported total sales across all drive systems of around 5.328 million vehicles, a decline of 15% year on year.

Volkswagen launched nine new electric and plug-in hybrid models during 2020 and total deliveries of EV in Europe rose to 12.4% in 2020 compared with 2.3% in 209.

“2020 was a turning point for Volkswagen and marked a breakthrough in electric mobility,” Ralf Brandstatter, chief executive officer for Volkswagen’s passengers cars division, said.

Demand from the electric vehicle (EV) sector is rapidly increasing and appetite for lithium – a key ingredient in the manufacturing of lithium-ion batteries that power EVs – is growing.

Europe is set to become an increasingly important market for EV uptake, especially given European governments’ emphasis on green and sustainable infrastructure for the coming years.

Fastmarkets’ lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery grade, spot price ddp Europe and US stood at $9-11 per kg on Thursday January 14, steady since early December 2020.

Market participants expect demand for lithium hydroxide to increase in the coming years, coinciding with the development of higher-performance batteries and vehicles with longer driving ranges.

What to read next
China’s nickel-cobalt-manganese (NCM) battery output in June registered fell to 20.5 gigawatts hours (GWh), down by 1.5 GWh, or 6.8%, from the 22 GWh in May, and down by 3.7 GWh, or 15.3%, from the 24.2 GWh in March, according to the data from China Automotive Battery Innovation Alliance (CABIA)
The imminent production of commercial-scale battery-grade lithium hydroxide in the US by American Battery Technology Co (ABTC) will help domestic cathode makers to improve their inventory management by shortening lead times, according to the company’s top executive.
Germany-based Volkswagen Group’s battery company PowerCo and California-based QuantumScape have entered into an agreement to industrialize QuantumScape’s solid-state lithium-metal battery technology, the companies announced on Thursday July 11
Chinese export prices for light rare earth products were unchanged for the fourth consecutive week on Thursday July 11, with suppliers firmly rejecting further price cuts, but low demand continued to pull down prices for heavy rare earth products used in magnets
Major Chinese lithium producers Ganfeng Lithium Group and Tianqi Lithium Corp have issued profit warnings on Tuesday July 9 due to the ongoing decline in lithium prices since early 2023
Fastmarkets is inviting feedback from the industry on the pricing methodology for European Packaging Paper and Board as part of its announced annual methodology review process. This consultation, which is open until August 31, 2024 seeks to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization […]