Hi everybody. Welcome to Shift, a podcast about mobility. I'm Pete Bigelow, your

host and reporter at the Automotive News.

Joining me on the podcast today is Jim Adler, the founder and general partner of Toyota Ventures.

Toyota Ventures raised $300 million more

from its automotive parent just a few short weeks ago and I'm

excited to have Jim back on the podcast to talk about that. It's a bit of a

special occasion for us on the podcast because Jim was our very first guest on shift episode

number one back in 2019 and today is our 250th episode no better time to to bring Jim back on the podcast. But first, we have headlines today and I am pleased to

welcome my colleagues, Hannah Lutz and Molly Boegon Good morning, Good morning, Pete.

It's good to have both of you here today.

I believe this is a first for episode 250.

It is a treat.

Hannah, I'm going to start with you. I know that you have been reporting this week on a McKinsey study related to battery supply, battery materials, what's going on in that realm?

So in Europe and in North America, most of the EV battery supply chain investment has

been on the cell side so actually building and assembling the

battery cell but everything that goes into the cell there is some activity in

in North America and Europe but it's still predominantly in is

in North America and Europe, but it's still predominantly in China.

So McKinsey's study is warning that we're going to have really significant

supply chain gaps if that doesn't change if we don't start localizing this

production closer to the cell factories in the EV production facilities through 2030.

Is it also that if we don't develop domestic component supply chain that it's sort of a

...