Governments all over the world are making it more and more difficult to own a gas-powered car.
For them, it’s electric- Boogie Woogie Woogie. But what happens if the supply of electric vehicles can’t keep up with demand?
The CEO of piedmont lithium has warned domestic resources for lithium, the most critical mineral used in the production of electric vehicles, cannot meet the demanding deadline. Joe Biden has called for half of all new vehicles sold by 20-30 to be electric.
Lithium is an essential component of any EV battery and an average e-v battery requires eight to 10 kilograms of the material found in lithium carbonate, the ore which is sought by miners.
The increasing demand for the metal has driven the price of lithium carbonate to almost double this year alone, and the international energy agency projects demand more growth — by at least 40 times in the next 20 years.