Half the cost of a lithium-ion battery is the cathode. China makes roughly 90% of the world's supply. Tesla just switched on the first plant in North America producing it at large scale. America finally makes the hard part. For twenty years the deal was that we design the product and China makes the chemistry inside it. A car could be assembled in Texas, with cells built in Texas, and still be strategically Chinese, because the powder inside those cells crossed the Pacific. In 2025 Beijing…