It is going to take more than money. Over the last decade China has staked out some choice producers of battery metals at one end of the supply chain and has developed the world's best supply chain and manufacturing capability at the other end. There is a learning curve and institutional memory/skills repository that only comes from doing what needs to be done.
FT via Reuters via Yahoo Finance, November 22:
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 U.S. by South Korean conglomerates LG and SK Hynix, according to a Goldman report to clients viewed by the newspaper.
The report calculated 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 mining of lithium, nickel and cobalt, as well as $12.1 billion on refining of those materials, FT said....
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