Nouveau Monde inks agreement with one of world’s biggest battery makers
The “main limiting factor” of an emerging strategy to offset China’s dominance of the battery supply chain for electric vehicles (EVs) will be the Asian powerhouse’s grip on the market for graphite, said the head of a Canadian company attempting to become a significant supplier of the material.
Democratic countries in North America and Europe have begun using their spending and regulatory powers to ensure EV production occurs close to home, or at least in places where they wield influence. The effort is a response to the growing animosity between Beijing and the United States and its allies.
Washington’s recently passed Inflation Reduction Act (IRA) offers a US$7,500 subsidy meant to encourage the production of EVs in North America, while Deputy Prime Minister Chrystia Freeland used a series of speeches in the past few weeks to stress the need for “friendshoring,” an idea that would see democratic allies build supply chains through each other’s economies and tackle the influence of authoritarian regimes in the energy sector.
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