Anatomy of the electric mobility supply chain 2.1 A tightly integrated yet geographically concentrated system defines EV manufacturing. Battery, motor and electronics production have scaled rapidly, but dependence on a few refining and assembly hubs leaves the chain exposed to policy, trade and logistics risks. –Supply tiers that multiply exposure: Each stage of the EV value chain involves more than 10 distinct tiers of suppliers, from miners and chemical processors to cathode, anode and component manufacturers, creating interdependent lead times across the system. –Fast ramp-up, slow foundations: New EV manufacturing assets – battery gigafactories,11 motors, power electronics and structural components – typically ramp up within one to three years,12 with final assembly over two years,13 far faster than mining or refining capacity can adjust. –Circularity still waiting to kick in: End-of-life management remains nascent. Recoverable battery volumes are expected only after 2030, as vehicles sold in the early 2020s reach retirement age.14 –Geography as both advantage and exposure: The industry’s production footprint is highly concentrated. Battery-cell manufacturing and the underlying cathode/ anode technology and R&D are used as a proxy for manufacturing locations. China holds the dominant market shares: approximately 50% of global minerals refining, 70% of battery manufacture and 70% of EV assembly.15 This structure has enabled rapid cost declines through integrated supply chains and learning- curve effects, but it also heightens exposure to policy, trade and logistics disruptions that can cascade through the value chain.16 From Minerals to Megawatts: Building Resilience for EVs, Data Centres and Power Grids 14

From Minerals to Megawatts 2025