The United States and Europe could cut their dependence on China for electric vehicle batteries through more than $160 billion of new capital spending by 2030, the Financial Times reported on Monday, citing a Goldman Sachs forecast.

The investment bank’s analysts believe demand for finished batteries could be met without China within the next three to five years, as a result of investments in the U.S. by South Korean conglomerates LG and SK Hynix (000660.KS), according to a Goldman report to clients viewed by the newspaper.

The report calculated that to achieve a self-sufficient supply chain, countries competing with China would need to spend $78.2 billion on batteries, $60.4 billion on components and $13.5 billion on mining of lithium, nickel and cobalt, as well as $12.1 billion on refining of those materials, FT said.

Goldman forecast that the U.S. market share of the Korean battery makers would soar to about 55% in three years, from 11% in 2021, FT said.

For now, China dominates battery production, including the mining and refining of raw materials.