Forbes’ Kenneth Rapoza highlights that outside of China, Tesla is the dominant force in the global electric vehicle market.
- China is the largest producer of batteries for EV in the world.
- As the production of vehicles shifts to electric, it is crucial that the United States secures a reliable and domestic supply chain.
- Even the largest rare earth mine in the U.S. has a contract to sell everything it digs up to China.
- Luckily Tesla is exploring innovative ways to produce more batteries and recycle old ones.
“China now accounts for 90% of the world’s rare earths production. China also controls the refining and processing sectors. The market for these products are mostly the EV supply chain. China has worked hard to exert control over the mining and processing of those critical minerals used in making EVs what they are today. Their lead is this segment of the supply chain, a super important segment to say the least as Polestars aren’t powered by the wind. Some 70% of global EV battery manufacturing capacity is in China, while the US has less than 10%, most of it being run by Tesla. Of the 142 lithium-ion battery megafactories under construction worldwide, China will be home to 107 of them. “
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