President Biden has 'failing mental powers' says Meyer
We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info
The US President has been tipped to invoke these powers to help boost the US’ domestic production of the critical minerals required for these batteries.
The Biden Administration is reportedly mulling over adding battery materials to the list of items covered by the 1950 Defense Production Act, Bloomberg News reports.
This comes as a global supply chain crunch has been tipped to cause major disruption to the EV industries, as well as to manufacturing sectors in general.
Harry Truman, who was US President from 1945 to 1953, also triggered the same act to boost the production of steel during the Korean War.
Former President Donald Trump also invoked these powers to boost mask production during the pandemic.
The war in Ukraine has exacerbated the already present supply chain crisis, where a critical shortage of raw materials that are essential for EVs and other manufactured goods has hampered the rate of production.
According to Katie Tamblin, Chief Product Officer at Achilles, the shortage of raw materials of materials such as nickel, zinc, copper, is expected to further impact downstream global supply chains and cause chaos to global trade.
The scarcity of lithium, crucial for the production of batteries for EVs and electrical storage, could even see some 20 million electric vehicles taken out of production between 2022 and 2029, according to analysis from Achillies.
Ms Tamblin told Express.co.uk: “Concern is also being raised by the automotive industry around the shortage of nickel and other raw materials for use in other vital parts such as microchips and catalytic converters.”
And metals like nickel and platinum “come almost exclusively” from Russia, according to Make UK’s Chief Economist Seamus Levin.
Source: Read Full Article