Help Desk -
9717405332, 9599714297, 9810335381
Email
Password

Sumitomo Metal aims to double battery material capacity in 9 years

Auto News - Published on Mon, 20 May 2019

Image Source: Reuters
Reuters reported that Japanese miner and smelter Sumitomo Metal Mining Co Ltd aims to more than double its production capacity of cathode materials used in batteries for automobiles by March 2028. Mr Akira Nozaki president said that SMM, which also makes electrical materials, supplies the nickel-cobalt-aluminium cathode materials used in Panasonic Corp's lithium-ion battery that powers Tesla Inc's Model 3 and Model X cars. The Japanese company plans to boost its output capacity of cathode materials to 10,000 tonnes a month by end-March 2028, from 4,550 tonnes a month now.

Although, he added that there was not yet a concrete plan in place that specified investment amounts and timing.

SMM has spent 37 billion yen (USD 337 million) over the past few years to boost its NCA output capacity from 850 tonnes a month to 4,550 tonnes.

Mr Nozaki said that "Demand for secondary batteries used in automobiles is expanding as electric vehicles are becoming more popular. We will closely look at the market and customer trends to decide next steps while continuing full production.”

Mr Nozaki said that the company has its hands full now to meet demand from its main customers such as Panasonic and Toyota Motor Corp.

Under a long-term plan through March 2022, SMM also aims to raise annual output from its global mine holdings to 300,000 tonnes of copper concentrate and 150,000 tonnes of nickel metal.

Source :

Posted By : Rabi Wangkhem on Mon, 20 May 2019
Related News from Auto segment