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The investment bank's analysts believe demand for finished batteries could be met without China within the next three to five years, as a result of investments in the U.S. by South Korean conglomerates LG and SK Hynix, according to a Goldman report to clients viewed by the newspaper. The report calculated that to achieve a self-sufficient supply chain, countries competing with China would need to spend $78.2 billion on batteries, $60.4 billion on components and $13.5 billion on mining of lithium, nickel and cobalt, as well as $12.1 billion on refining of those materials, FT said.

The investment bank's analysts believe demand for finished batteries could be met without China within the next three to five years, as a result of investments in the U.S. by South Korean conglomerates LG and SK Hynix, according to a Goldman report to clients viewed by the newspaper. The report calculated that to achieve a self-sufficient supply chain, countries competing with China would need to spend $78.2 billion on batteries, $60.4 billion on components and $13.5 billion on mining of lithium, nickel and cobalt, as well as $12.1 billion on refining of those materials, FT said.

Faraday Future raised a going concern warning and is unsure if it will have the funds to operate or deliver its FF 91s over the next year.

South Korea's LG Chem will invest $3 billion to build a battery cathode factory in Tennessee, to meet rising demand for U.S. electric vehicle components.

LG Chem announced today it will build a $3.2 billion cathode manufacturing plant in Clarksville, providing a key product for electric vehicle batteries.

Faraday Future Intelligent Electric said on Monday that it had "substantial doubt" about its ability to continue as a going concern after it reported lower cash reserves. The company said it had $31.76 million in cash as of the third quarter ended Sept. down from $121 million at the end of the prior quarter.