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.
A sign is pictured on an electric car charging station at the United Nations in Geneva, Switzerland June 2, 2017. REUTERS/Denis Balibouse/File Photo
Nov 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 TimesThe 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.
Goldman forecast that the U.S. market share of the Korean battery makers would soar to about 55% in three years, from 11% in 2021, FT said.The analysts said this dominance could be unwound by protectionist policies in Europe and the United States, coupled with alternative battery chemistries that require fewer critical minerals from China, FT reported.
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