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Biden’s plan to rev up the electric car market is complicated by battery supplies

A dispute between Korean battery makers over a Georgia plant shows weakness in the U.S. supply chain

by capitalizefinancial
April 5, 2021
in Markets
0
Biden’s plan to rev up the electric car market is complicated by battery supplies

President Biden’s ambitious plan to jump-start the U.S. electric vehicle market faces a roadblock: a weak supply chain that is making it difficult for American automakers to get enough batteries to scale up production.

And that shortage could get worse, depending on whether Biden intervenes this week in a dispute between two top South Korean manufacturers over moves by one to open a battery plant in Georgia to serve the U.S. market. Hanging in the balance are plans by Volkswagen and Ford to roll out about 340,000 new electric vehicles over the next several years.

The two South Korean rivals, SK Innovation and LG Energy Solution, are fighting over a factory that SK has been building in Commerce, Ga., to serve VW and Ford, among others. LG accused SK of stealing trade secrets, and the U.S. International Trade Commission agreed, ruling that SK can make batteries in Georgia for only four years before it must essentially shut down its new plant.

Biden has until April 11 to overturn the ITC ruling.

“Remember that old proverb,” Biden said in February when he signed an executive order to review supply chain issues involving electric car batteries. ” ‘For want of a nail, the shoe was lost. For want of a shoe, the horse was lost.’ And it goes on and on until the kingdom was lost, all for the want of a horseshoe nail. Even small failures at one point in the supply chain can cause outside impacts further up the chain.”

Thinking of buying an electric car? Read this first.

Many companies are eager to answer Biden’s call, offering myriad solutions, including scooping up rare minerals that lie in softball-size nodules on the ocean floor, changing battery chemistry and assembling and packing battery cells in factories around the United States.

“There is an arms race around the world to build as much lithium capacity as possible to gain dominance in the electric vehicle space,” said Simon Moores, managing director of London-based Benchmark Mineral Intelligence, specializing in lithium-ion batteries and the electric vehicle supply chain.

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