Calls for national or at least European-based battery production are becoming louder, especially from politicians. The main worry is the growing dependence on Asian manufacturers. The fact that it is even more important to have access to crucial raw materials is often ignored in the discussion. If the supply of raw materials is even an issue, it is mainly in connection with cobalt and lithium. However, at current estimates, both battery raw materials are at best subject to a moderate supply and price risk. The situation for nickel is quite different: this key commodity is particularly scarce, which entails significant risks for the economic efficiency of batteries – and thus for tomorrow’s electromobility.