US backs graphite factory to loosen China’s EV supply chain grip

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The story "US backs graphite factory to loosen China’s EV supply chain grip" was covered 11 hours ago by Financial Times, a news publisher based in United States.

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Financial Times 11h ago

US backs graphite factory to loosen China’s EV supply chain grip - Financial Times

Quick Summary:

Among raw materials used in car batteries, graphite is the most difficult to source from countries outside China, a key condition for electric cars to secure up to $7,500 of tax credits per vehicle under Joe Biden’s Inflation Reduction Act.

Because of China’s dominance, the US provided carmakers and battery manufacturers with a grace period until the end of 2027 during which EVs with Chinese graphite can still qualify for subsidies.

Shares in the Brisbane-based battery materials company, which counts South Korea’s LG Energy Solution as a shareholder and has supply agreements with Panasonic and Stellantis, rose 9 per cent on Tuesday.