BRUSSELS : Europe is in danger of losing the race to become a global battery powerhouse as access to raw materials remains a major roadblock along with rising costs and fierce competition, a report by the European Court of Auditors (ECA) said on Monday.The report warned that the European Union may fail t
BRUSSELS : Europe is in danger of losing the race to become a global battery powerhouse as access to raw materials remains a major roadblock along with rising costs and fierce competition, a report by the European Court of Auditors said on Monday.
However, the EU's strategy has not taken into account the bloc's ability to meet this new battery demand. The EU's supply of raw materials is highly concentrated in a few countries with geo-political risks that could result in shortages. For five key materials, the EU's import reliance was on average 78 per cent, the ECA said.
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