Press releases or official announcements from US companies

US Tariffs Spark Race to Build Non-Chinese Graphite Supply Chain Amid IRA Tax Credits

Jun 10, 2024, 07:00 PM

The United States has imposed tariffs that have triggered a race to build a non-Chinese supply chain for graphite, a key material for electric vehicle batteries. Currently, China controls nearly 100% of the graphite market, which has been neglected by the industry until now. The US government acknowledges that battery makers need Chinese graphite in the short term to qualify for the IRA tax credits but is determined to close this loophole soon. Experts urge Washington to collaborate with allies to establish a new supply chain for electric vehicles to avoid reliance on China and maintain competitiveness in a decarbonizing world.