The U.S. Is Losing the EV Battery Race
China is already well ahead of the competition, and has cornered 60% of the world’s powerpack supply.
Behind the eight ball.
Source:: FIA Formula E/Getty Images
In recent months, a string of carmakers and electric vehicle battery producers have announced their intentions to build facilities in the U.S. Manufacturers from across the world are throwing around billions of dollars of investments into EV battery technology, too.
Meanwhile, President Joe Biden has invoked the Defense Production Act, a Cold War-era provision to help increase the domestic availability of raw materials like lithium and graphite to boost battery manufacturing and reduce dependence on foreign supply chains. “We need to end our long-term reliance on China and other countries for inputs that will power the future,” he said.