Global carmakers plan to spend more than half a trillion dollars on the electric vehicle (EV) revolution in the next few years. The industry is rapidly transforming and the stakes are enormous.
The auto manufacturing of tomorrow is now up for grabs. But while U.S. carmakers are rolling out new EV models by the week — and announcing huge investments in battery manufacturing facilities — the United States is not leading the electrification race. Rather, we’re being lapped.
China — not the U.S. — is far ahead, thanks to startling control of the EV supply chain, particularly the production and processing of minerals that make lithium-ion batteries possible. And while China has made mining and mineral processing a foundational piece of its energy policy, the U.S. has been asleep at the wheel.
President Biden has set lofty goals for EV deployment over the next decade, but the domestic mineral supply chain required for such an…