Lack of access to raw materials and fierce global competition threaten to sink European efforts to become self-sufficient in battery technology, the European Court of Auditors fears.
The EU risks falling behind in its bid to become a global battery powerhouse, according to a report by the European Court of Auditors (ECA). As a result, Europe risks having to push out the switch to electric vehicles by 2035, not being able to meet long-term sustainability targets and/or falling behind China and the US.
Europe isn’t the only industrialized region facing this threat. In 2021, China accounted for 76 percent of global battery manufacturing capacity globally, well ahead of the EU (7 percent), the US (7 percent) and South Korea (5 percent). Moreover, China dominates the upstream battery value chain, including the supply of raw and refined battery materials such as cobalt, lithium, nickel and natural graphite.
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