The White House rolled out tailpipe emissions standards this week in a move to force more electric vehicle purchases, but experts warn it could increase reliance on China.
In addition, more than 50% of lithium, cobalt and graphite processing and refining capacity is located in China, the IEA data showed. Those three critical minerals, in addition to copper and nickel, are vital for EV batteries. Chinese investment firms have also been aggressive in, especially those rich with cobalt in the Democratic Republic of the Congo, in recent years to ensure a firm control over mineral production.
"It's true that the U.S. is projected to increase our battery capacity 10 times, but once we do that, we're still going to be less than 10% of the world supply – even after we go up 10 times, assuming we can even do that," Morgan said."We'd have something like one-seventh or so the size of China's battery projection, even if all this new investment takes place."
"Those efforts are going to take a little bit of time to get up and running and fully be able to challenge some of the current Chinese dominance," he told Fox News Digital. However, permitting and environmental regulations have largely prevented the U.S. industry from gaining any traction in the global EV supply chain. For example, in 2022, the U.S. produced no graphite, less than .01% of global cobalt, less than .01% of global nickel, and about 6% of global copper, federal geological data showed. The U.S. processes virtually no copper, nickel, cobalt, lithium or rare earth minerals.
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