China strategically took over a huge percentage of the world's manufacturing ability, and access to essential minerals. They are now reaping the rewards of other countries' mandated switch to renewable tech.
There's still a whole bunch of other stuff, other than nickel and cobalt, that's needed for batteries (and battery controllers). Global production and manufacture of all parts of an EV battery is dominated by China - of course all of the research will happen there.
China strategically took over a huge percentage of the world's manufacturing ability, and access to essential minerals. They are now reaping the rewards of other countries' mandated switch to renewable tech.