Sales of electric vehicles (EVs) will continue to grow in most major markets this year, but at a slower rate, the IEA says. Global EV sales are due to top 17mn, more than a fifth of total global vehicle sales, but growth is expected to slow on 2023 in major markets. Almost 14mn new EVs were registered last year, up by 35pc on 2022, with 95pc of EV sales in China, Europe and the US. China will account for over half of global EV sales this year, with sales growing by 25pc on the year in 2024, passing 10mn for the first time. Under the IEA's stated policies scenario, EVs make up half of all car sales by 2035, reducing oil demand by 10mn b/d.
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LGES, Hanwha QCells ink US ESS battery supply deal
LGES, Hanwha QCells ink US ESS battery supply deal
Singapore, 4 February (Argus) — South Korean battery maker LG Energy Solutions (LGES) will supply 5GWh of energy storage batteries to Hanwha QCells USA. The supply will consist of 5GWh of lithium-iron-phosphate energy storage system (ESS) batteries produced at its facility in Holland, Michigan, in the US, LGES said on 4 February. The deal spans from 2028-30 and the batteries are for Hanwha's power grid ESS project in the US. LGES, alongside fellow South Korean battery makers, is doubling down on the US' ESS market, where the rapid expansion of artificial intelligence (AI) and data centres is fuelling greater electricity demand. South Korean battery makers are planning to convert their electric vehicle (EV) battery production lines into ESS ones, given a dimmer outlook on the US EV market. This comes after the US scrapped a federal tax credit for EVs and plug-in hybrids, as well as the profitability of overseas-made products coming under pressure because of US tariffs. North America's ESS demand could expand to half of its total battery market, said Hanwha QCells' engineering, procurement and construction business unit head Chris Hodrick, echoing what LGES previously said in January 2026. Hanwha completed a 3.3 GW/yr solar module production line at its Cartersville plant in Georgia, US, in 2024. The site also hosts a 5.1 GW/yr solar modules plant. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Australia pledges $42mn to boost EV sales
Australia pledges $42mn to boost EV sales
Sydney, 3 February (Argus) — The federal government of Australia will spend $A60mn ($42mn) to subsidise loans for electric vehicles (EVs), in a bid to increase the uptake of lower-emissions cars. Money allocated by the federally-funded agency Clean Energy Finance (CEFC) will go towards subsidising interest rates for new EVs available for purchase through Hyundai Capital Australia, an arm of the South Korean carmaker, energy minister Chris Bowen said on 3 February. Discounts of 0.5-1pc will be offered for loans on eligible Hyundai- and Kia-branded EVs, with a 1pc discount on a A$70,000 loan over five years cutting A$1,900 in interest costs, Bowen said. Transport remains a major source of Australia's emissions, with 98.7mn t of CO2 equivalent (CO2e) in the year to 30 June 2025, or 22.5pc of total emissions of 437.5mn t . Canberra's New Vehicle Efficiency Standard (NVES) is taxing manufacturers based on CO2e emissions , which it projects is likely to drive up EV sales. But transport emissions rose by 0.3pc to 98.7mn t CO2 equivalent (CO2e) in 2024-25 on the back of a rise in diesel consumption for road transport and jet fuel demand. A ban on new gasoline and diesel registrations may be needed to reach a goal of 50pc of new car sales being EVs by 2030 to drive down emissions, industry body the EV Council has said. But 2025 was a record for EV sales, with 156,000 purchased. But about one-third were plug-in hybrid vehicles which can also run on gasoline or diesel. The NVES has provided policy certainty and increased availability of EVs in Australia but has so far had little effect on EV demand, the Federal Chamber of Automotive Industries (FCAI) has said. FCAI data show just 8.3pc of new vehicle sales were battery EVs last year. Australia's fuel tax rebate scheme has also been targeted by lobbyists demanding it be capped to reduce diesel demand , but industry insists that the road-user tax should not apply to businesses not using public infrastructure. Australia's gasoline sales are dipping. Gasoline sales averaged 271,000 b/d for January-November 2025, compared with 278,000 b/d during January-November 2024 and 276,000 b/d during January-November 2023, according to data from Australian Petroleum Statistics. Consumption was 298,000 b/d for the same period in 2019 before the Covid-19 pandemic. By Tom Major Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
AMG eyes Brazil, Portugal for Li processing
AMG eyes Brazil, Portugal for Li processing
Sao Paulo, 29 January (Argus) — Dutch miner AMG Critical Materials is exploring investment opportunities for lithium processing facilities in both Brazil and Portugal in a push to establish a "fully Western" supply chain. AMG is one of the few companies in the western hemisphere with lithium refining capacity, running a hydroxide refinery in Germany fed by spodumene from its Brazilian mine, board member Michael Connor told Argus . Still, the concentrate must be sent to China for processing, where its purity is enhanced to around 100pc from 6pc — then back to Germany for refining. The Dutch firm said it wants to reduce its reliance on China, which dominates the global spodumene midstream, by building lithium processing capacity in Brazil and Portugal. AMG is the second-largest spodumene producer in Brazil and the top shareholder in Savannah Resources, which is developing the Barroso project in Portugal, slated to be Europe's largest lithium mine with over 39mn metric tonnes (t) of reserves. Processing lithium nearer to its extraction sites would cut costs by avoiding back-and-forth shipments to China. The company's objective is to continue building — in phases — an integrated upstream supply chain in Brazil to support its refining activities in Europe, Connor said. Brazilian authorities, including President Luiz Inácio Lula da Silva and critical minerals association AMC , have repeatedly called for companies to integrate critical minerals supply chains by investing in midstream processing capacity in Brazil. Such incentives, added to Brazil's legal stability, make it an attractive country for critical minerals, Connor noted. "The strength of the resource base, existing industrial capabilities, and an increasing policy focus on value-added processing all support the case for longer-term investment," he said. As for Portugal, it offers close proximity to AMG's German refinery, helping streamline logistics and lower costs. The Barroso project is scheduled to come on line in 2028. AMG is still assessing timelines, configurations and sequencing, so it is still unclear whether a midstream plant will come first in Europe or Brazil and what its nameplate capacities will be. Its German refinery is expected to complete its ramp-up and reach its 20,000 t/yr nameplate lithium hydroxide capacity by the end of this year. By Pedro Consoli Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Slowing US EV market hits S Korean LGES' battery sales
Slowing US EV market hits S Korean LGES' battery sales
Singapore, 29 January (Argus) — A slowdown in the US EV market dealt blows to South Korea's top battery maker LG Energy Solutions' (LGES) electric vehicle (EV) battery shipments, the firm said today, as it laid out aggressive plans to push into the energy storage space. Its EV battery shipments fell by more than 10pc, pressured by slowing EV sales at major automaker clients and more cautious inventory management, the firm said in its latest quarterly earnings results on 29 January. Its revenue fell by 7.6pc from a year earlier to 23.7 trillion won ($16.6bn) during its 1 January-31 December 2025 financial year, with a 40pc jump in energy storage systems (ESS) battery revenue helping to cushion the blow. Operating losses narrowed to W122bn in October-December from W226bn during the same period a year earlier, and swung sharply from a profit of W601bn a quarter earlier. LGES now expects even more subdued EV market growth of over 10pc in 2026 following heavy US policy changes in 2025, its chief financial officer Lee Chang Sil said during the latest earnings call. The South Korean firm expects the short-term outlook for the EV market to be dim but defended its long-term prospects because of the emergence of robots and autonomous vehicles, it said during its earnings call in response to questions by analysts. Global ESS installations are expected to outpace the EV market and grow by over 40pc in 2026, potentially taking over half of North America's battery market demand, said the firm. Industrial electrification, climate-driven demand for cooling and heating, as well as the expansion of artificial intelligence (AI) and data centres, where more intense power consumption is raising renewable energy use, are all fuelling ESS demand, Lee added. The firm is seeking to tap on partnerships with North American grid utility customers to outperform its record-breaking orders of 90GWh in 2025. It started lithium-iron-phosphate ESS battery production in the US in 2025, having secured multiple ESS orders from US energy companies. Firm-wide ESS capacity could almost double on the year to 60GWh in 2026, it said. It can raise ESS capacity by unlocking over 50GWh of capacity through the repurposing of its existing EV lines, which has partly been carried out. Conversion of its idle EV capacity in Poland and joint ventures in North America for ESS production has been completed. Its Ochang lines in South Korea could contribute 5GWh if necessary, it added. LGES held a backlog of over 300GWh for its 46 series batteries and 140GWh in cumulative ESS orders as of the end of 2025. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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