China’s control over a crucial battery material will make it nearly impossible for any electric-vehicle makers to qualify for the subsidy scheme at the heart of President Joe Biden’s flagship green tech legislation, South Korea has warned.
Biden’s Inflation Reduction Act seeks to eliminate “foreign entities of concern” — which include companies with close ties to Beijing — from the US EV supply chain, with restrictions due to come into force on January 1 2025.
But Chinese companies control more than 99 per of the global market for battery-grade graphite and 69 per cent of the market for synthetic graphite used in battery anodes, according to consultancy Benchmark Minerals Intelligence.
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