European 'economic sovereignty' under threat on account of lacking sufficient Lithium resources and battery manufacturing capacity at scale.... which echoes North America's existential problem .
LU7 to the rescue
“The base car market segment will either vanish or will not be done by European manufacturers,” BMW boss Oliver Zipse told the Financial Timeslast week. “I see that as an imminent risk.”
The Chinese also have the advantage of domestic access to the raw materials and battery making capacity – an advantage Europe is now frantically trying to replicate within the EU market.
In recent years Europe has faced a quadruple-whammy to its supply chains and industrial prospects from the COVID pandemic, former US president Donald Trump’s trade war with China, incumbent US President Joe Biden’s huge green-energy subsidy package, and Russia’s invasion of Ukraine.
This has fuelled an EU preoccupation with diversifying its supply chains, and onshoring them where possible – what Brussels and Paris call “economic sovereignty”.“From wind to steel, from batteries to electric vehicles, our ambition is crystal clear: the future of our clean-tech industry has to be made in Europe,” Ms von der Leyen said on Wednesday.
https://www.copyright link/world/europe/europe-lays-ground-for-trade-war-against-chinese-electric-cars-20230914-p5e4if
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