Lithium batteries are the new oil, according to Tesla CEO Elon Musk, and the domestic auto industry is looking to get a bigger piece of that market share.
That starts with building lithium ion batteries—the kind that power electric vehicles—in the U.S.
Right now, most of the batteries are made in Asia. China’s Contemporary Amperex Technology Co., which is better known as CATL, makes about 30% of the world’s EV batteries, according to Ford Motor (F) CEO Jim Farley.