The Road to U.S. Electric Vehicle Battery Production
Consumer interest and sustainability goals are driving soaring demand for electric vehicles. The U.S. aims for electric vehicle sales to reach 50% of the total market by 2030, yet 99% of the raw and component materials for EV batteries are produced externally.1, 2 Sourcing foreign-made materials and batteries has already created challenges in the industry. Russia’s invasion of Ukraine led to market instability that caused the price of nickel, a key battery material, to skyrocket in March 2022.