The electric car revolution will stall in the West if supplies of crucial battery elements like lithium fail to keep up with the forecast huge increase in demand.
As with most manufacturing and industry, China currently dominates the battery processing market too, and it is responsible for about 80% of global battery chemical refining capacity.
A possibly overlooked supply problem by the Biden administration especially considering President Biden just outlined a plan for 50% of new car purchases to be zero-emissions by 2030.
Lithium is a mineral that is key for electric car batteries. The pricing for it continues to rise in price, which is jeopardizing the ongoing transition to renewable energy outlined by Western governments. The cost has skyrocketed more than 250% over the last 12 months, hitting its highest level ever, according to an industry index from Benchmark Mineral Intelligence.
The International Energy Agency (IEA) has estimated that the growth in EVs could see lithium demand increase by over 40 times by 2030, according to the International Lithium Association (ILiA) . Last year lithium demand was about 320,000 tonnes and is expected to hit 1 million by 2025 and 3 million by 2030, according to Reuters.
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