U.S. inks deal with Japan for critical minerals in EV batteries

Big investments in electric cars will require big purchases of critical minerals, with batteries making up anywhere from 25% to 50% of an EV’s cost. That means it’s even more crucial to secure supplies of lithium, cobalt, manganese, nickel and graphite, especially as the Biden administration pursues a goal of phasing out the internal combustion engine with the climate-focused Inflation Reduction Act. The measure provides a $7,500 tax credit for companies that source materials from countries with which the U.S. has a free trade agreement, but that limits providers like the EU and Japan (which isn’t a good strategy when…