The United States and Europe could cut their dependence on China for electric vehicle batteries through more than $160 billion of new capital spending by 2030, the Financial Times reported on Monday, citing a Goldman Sachs forecast.
The investment bank’s analysts believe demand for finished batteries could be met without China within the next three to five years, as a result of investments in the US by South Korean conglomerates LG and SK Hynix, according to a Goldman report to clients viewed by the newspaper.
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