The shortfall in materials needed to produce lithium-ion batteries shows little sign of subsiding anytime soon, as global demand for electric vehicles increases at a rapid pace.
automakers pledging to shift their manufacturing lines
The price of lithium carbonate, which is used in electric vehicle batteries, has increased 800 percent since the beginning of 2021, according to research firm Rystad Energy.“There's, like, software margins in lithium processing right now,” he said. The United States and European Union are trying to catch up, but because of government permitting requirements and other challenges it will be a slow process, said Jessica Roberts, head of forecasting at Benchmark Mineral Intelligence.
The rapid rise in lithium prices over the past 18 months has caught the attention of policymakers worldwide, who are trying to shift their transportation systems to electric vehicles to address climate change.
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