Ultimately, the soaring prices of lithium have been hurting the supply chain stability of manufacturers and their bottom lines, driving these automotive companies to go to the source for the raw materials rather than their usual suppliers. This agreement is yet another example of automakers moving quickly to secure their future position in the automotive industry through lithium acquisition for EVs. Mercedes-Benz recently announced a new deal with Canadian mining company Rock Tech Lithium for 10,000 tons of battery-grade lithium annually. However, Nio, Tesla, and General Motors are not the only EV manufacturers going directly to the source for lithium supplies. The transaction will see Nio paying $12M for a 12.16% stake in the operation, with experts pointing out that this strategic move mirrors what other rivals have recently done, such as Tesla and General Motors. For example, Nio Inc., a Chinese company that specializes in manufacturing high-performance EVs, agreed to invest in an Argentine lithium mining project through a new deal with Australia’s Greenwing Resources Ltd in late September. The Sprint to Secure Lithium Storesįor some countries, this means that the race to secure lithium for EV batteries is on. In fact, the International Energy Agency (IEA) predicts that we could face lithium shortages by as early as 2025.Ĭonsidering that 30 national governments pledged to work towards phasing out ICEVs by 2040 at the COP26 climate talks in 2021, the push towards securing lithium to use in EVs is becoming increasingly discernable worldwide. The average lithium-ion battery system requires approximately 8 kg of lithium carbonate, highlighting that lithium is not only a core component of EVs, but that significant amounts will be required if the move to EVs is to happen in our lifetime. One of the industries at the top of this list is automotive, and although the move to electric vehicles (EVs) has been initiated, is it a realistic solution? Are there enough raw products available, such as lithium, to facilitate such a transition? And finally, what does the future of EVs look like? The Importance of L ithium for EV sĮven though EVs have been around for about the same amount of time as internal combustion engine vehicles (ICEVs), there is a key difference in their propulsion methods: ICEVs use fossil fuel combustion to generate power, while EVs use stored energy from lithium-ion batteries.
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emits about 4.6 metric tons of carbon dioxide per year – and that’s only a single vehicle! Climate scientists and environmental experts have been strategizing on how to alleviate these numbers for decades, but ultimately, it’s up to specific industries to advocate for change and enact more sustainable policies. For example, a typical passenger vehicle in the U.S. In the world today, the idea of ‘going green’ or becoming more eco-friendly has transformed from just a buzzword to a significant geopolitical issue.
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