The United States will likely need to massively increase its reliance on imports of foreign metals if it is to meet the Biden administration’s goal of moving the country to mainly electric vehicles.
U.S. production of the key metals needed to make EV batteries is already only a small percentage of national demand, so increasing sales of electric vehicles to 50 percent of all new car sales by 2030 will require replacing one set of trading relationships — ones built on oil — for another.
Such a shift could see new nations — like Indonesia, Congo, Chile, Australia, Argentina and the Philippines — rise to achieve OPEC-like controlling positions over the global energy market.
Global battery demand could surge fifteenfold by 2030, with 55 percent of that demand going to commercial car batteries, 30 percent going to stationary batteries and much of the rest going to heavy duty transport, according to a study earlier this month from Rystad Energy.
For the rest of this article: https://thehill.com/policy/finance/600100-us-looks-to-increase-metals-imports-for-ev-batteries?rl=1