The war over global dominance of the electric vehicle battery industry seems like it ended before it really got started. China is walking away as the winner and the US might as well wave the white flag because it may never catch up. Those are the conclusions of Hong Kong-based Gavekal Research. As reported by Barron’s last month, the firm released an analysis of China’s stranglehold on the industry that supplies lithium-ion batteries for millions of electric vehicles around the world.

“It (China) refines 60% of the world’s lithium, controls 77% of global battery cell capacity and 60% of the world’s battery component manufacturing,” the market research firm wrote. “Of 200 battery mega-factories in the pipeline to 2030, 148 are in China.”

The report also suggests that Tesla, the world’s top EV manufacturer, is irrevocably dependent on China for its EV battery supplies, and countries such as Brazil and Argentina have shunned the US because of trade policies imposed by the Trump administration.

Well then. The game must be over if Brazil and Argentina have jumped ship.

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