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James Nicholson, a partner of consulting firm EY Parthenon, stated in an interview that batteries are a key component of electric vehicles, accounting for approximately 40% of vehicle costs. This is why automotive original equipment manufacturers (OEMs), including Tesla, General Motors, and Toyota, are increasingly producing batteries and components in-house. Nicholson said, "You don't want these values to flow elsewhere

In addition, the electric vehicle battery market is currently dominated by Asian companies. Nicholson said that 97% of electric vehicle batteries are currently supplied by battery companies in China, Japan, and South Korea. The European Commission recently approved a multi billion dollar investment to increase battery production in Europe, and US policymakers are also moving in this direction.

Upstream, the raw materials for batteries, especially lithium, nickel, and cobalt, pose other supply issues. Nicholson said, "There is a large amount of lithium buried underground, which is not scarce, but there is a supply shortage problem. The price of lithium cannot support the mining investment required for profitable mining. North America, Finland, Russia, as well as the Far East and China have abundant nickel, but it must also be refined. The places where this can be achieved are limited, and most of it is located in our country

As for cobalt, its reputation is so poor that automakers are trying to completely eliminate it from production. Mikrazka said, "Panasonic has established the technology to produce cobalt free batteries and is expected to achieve commercialization within the next two to three years

Recycling batteries is also imperative, not only to prevent environmental damage from discarded batteries, but also to ensure a reliable source of raw materials. RedwoodMaterials, a battery recycling company founded by former Tesla Chief Technology Officer JB Straubel, is a pioneer in this field and is working to establish a circular supply chain for batteries. Strauber recently joked, "The largest lithium mine is in the waste drawer in the United States

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