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February 07
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The United States and Europe could reduce their dependence on China for batteries for electric vehicles through more than $160 billion in new capital investment by 2030, the Financial Times reported, citing a Goldman Sachs forecast.

Goldman Sachs analysts believe demand for off-the-shelf batteries could be met without China over the next three to five years as a result of investments in the U.S. by South Korean conglomerates LG and SK Hynix.

The report estimates 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 lithium, nickel and cobalt mining and $12.1 billion on processing these materials.

Goldman predicts that the market share of Korean battery manufacturers in the U.S. will grow to about 55% in three years from 11% in 2021.

For now, China dominates battery production, including raw material extraction and processing.

Analysts say this dominance can be overcome by protectionist policies in Europe and the United States, combined with alternative battery chemistry that requires less critical minerals from China.

 

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