pDeveloping regional supply chains is critical to lowering the cost of electric vehicles./p
Both North America and Europe will have significant gaps in developing cost-effective and localized battery component production and processing through 2030, according to a report by McKinsey & Co.
Regional supply chains slash shipping costs of critical and often heavy battery materials, reduce logistics disruptions, shield suppliers from geopolitical conflicts and secure control over intellectual property. Asia makes 96 per cent of global cathode material, 95 per cent of anode material, 90 per cent of electrolyte material and 95 per cent of separator material, according to McKinsey's report. By 2030, McKinsey expects North America and Europe combined to have only five to 10 per cent of global cell component capacity, forcing them to import core battery material to meet demand.
Graphite is a critical material in battery anodes. China produced about 65 per cent of the world's graphite in 2022, according to the U.S. Geological Survey agency. Tepid EV demand in the U.S. is also deemphasizing some of the build-out. Total EV registrations fell nearly three per cent in February, according to S&P Global Mobility.
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