US and Europe Could Cut Dependence on China’s EV Batteries with $160 Billion Capital Spending

Goldman Sachs said that the United States and Europe could cut their dependence on electric vehicle batteries from China with more than $160 billion of new capital spending by 2030.

The multinational investment bank believed that with the help of South Korean LG and SK Hynix, it should satisfy demand for finished batteries by the next three to five years without reliance from China, according to the report from Financial Times citing a Goldman Sachs forecast.

In the forecast, Goldman said that U.S. market share of the Korean battery makers would jump to 55% in three years from 11% in 2021.