The U.S. and Europe could cut their dependence on China for electric vehicle batteries through more than $160 billion of new capital spending by 2030, the Financial Times reported, citing a Goldman Sachs forecast.
China’s dominance could be unwound by protectionist policies in the U.S. and Europe, along with alternative battery chemistries that require fewer critical minerals from China, and the rise of battery recycling, the Financial Times reported.
The report calculated that to achieve a self-sufficient supply chain, countries competing with China would need to spend $78.2 billion on batteries, $60.4 billion on components and $13.5 billion on mining of lithium, nickel and cobalt, as well as $12.1 billion on refining of those materials, FT said.
In the U.S., the Inflation Reduction Act will give a boost to EV manufacturing. The law, signed Aug. 16 by President Joe Biden, includes…
How U.S., Europe could end reliance on Chinese EV batteries
