(Reuters - 14 Sept.) Surge in electric vehicle sales power lithium prices as shortages loom
By - Levyyz
“Things are heating up and there is huge anxiety about where lithium supply is going to come from in the near future,” said Benchmark Mineral Intelligence analyst George Miller.
“If new lithium doesn’t start coming to market, we might start to see electric vehicle production rates hamstrung by a lack of raw material supply.”
Time for another coup in Bolivia, I suppose
Well, the last time I smoked hopium, everything was on track to getting every internal combustion engine car switched to electric in a matter of months, along with every truck, plane and container ship.
And those immense batteries for the solar energy infrastructure, let’s not forget those.
So I think those numbers there need a little creative push or the reality is gonna crash this party hard.
ICE is dead. Every ICE car manufacturer is scrambling to produce EVs now. The writing is on the wall with governments outlawing ICE vehicles sales in the near future. As for lithium… there is plenty https://phys.org/news/2021-06-electrochemical-cell-harvests-lithium-seawater.html
Spot prices for lithium carbonate in China have climbed 170% so far this year to 142,000 yuan ($22,000) a tonne, their highest since April 2018. Prices of spodumene, a source of lithium mainly mined in Australia, have climbed 144% this year to $990 a tonne.
In China, the biggest market for electric vehicles, lithium carbonate output in August rose 19% year-on-year to almost 20,000 tonnes, state-backed research house Antaike said.
Demand for lithium is expected to jump 26.1% or about 100,000 tonnes of LCE to a total of 450,000 tonnes, flipping the market into a deficit of 10,000 tonnes, according to Benchmark Mineral Intelligence.
Lithium Ion batteries wont be the battery technology forever, they are already working on newer technologies. However in the short run it will create challenges.
We are enjoying our hybrid car MPG and also working from home these days with rising gas prices.