Analysts at the investment bank Goldman Sachs believe that the United States and Europe will be able to significantly reduce their dependence on China in the production of batteries for electric vehicles by 2023 – due to new investments in this industry of more than $160 billion. In particular, the demand for batteries can be met without China's support over the next 3-5 years (as a result of investments in the United States by South Korean companies LG and SK Hynix). Experts note that in order to achieve self-sufficiency of supplies to countries competing with China, it will take $78.2 billion for the batteries themselves, $60.4 billion for components and $13.5 billion for the extraction of base metals for their production (lithium, nickel and cobalt), as well as $12.1 billion for the processing of these materials. At the moment, China dominates the production of batteries, including the extraction and processing of raw materials. However, the share of Korean battery manufacturers in the U.S. market in 3 years may grow to 55%. This may happen due to the protectionist policies of Europe and the United States, coupled with the introduction of alternative batteries, the production of which will require fewer critical minerals from China.
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