US still losing the EV race after signing a mineral deal with Japan
🔋 US still losing the EV race after signing a mineral deal with Japan.
Japan is aiming to strengthen its position in the electric vehicle (EV) space through a critical minerals trade deal with the United States. The U.S.-Japan Critical Minerals Agreement, signed in March, aims to enhance supply chains and promote EV battery technologies. However, Japan has some catching up to do in the EV market, as its automakers have focused more on hybrids and hydrogen, while all-electric vehicle sales have surged in the U.S. and China. To reduce its dependency on China for critical minerals used in EV production, Japan is exploring alternatives, such as developing EV motors that use fewer rare earth metals and extracting rare earth from deep-sea mud.