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Ownership of the global EV & ba=ery supply chain by 2027
Europe and North America lack midstream processing capacity outside of China.
Compounded, this generates geopoliGcal and jurisdicGonal risk. Post 2027, Europe and the US may be self-sufficient for baDeries,
however midstream and downstream capacity largely exists within China.
EUROPE NORTH AMERICA
EUROPE
Nickel Lithium Cobalt Nickel Lithium Cobalt
100% 100%
47% 60%
80%
reliance on
90% 75% offshore capacity 100% reliance on reliance on
offshore
reliance on reliance on reliance on offshore capacity
offshore capacity offshore capacity offshore capacity
capacity
Raw Material Refiners P-CAM CAM BaDery Cell OEMs Raw Material Refiners P-CAM CAM BaDery Cell OEMs
Page 8
Source: IHS, Trafigura Research
