There is enough nickel and lithium to produce up to 14 million electric vehicles (EVs) worldwide by 2023.
Data shows there is enough nickel and lithium to produce up to 14 million electric vehicles (EVs) worldwide by 2023, so Europe should get more raw materials to switch from oil faster, the Transport and Environment (T&E) campaign group said on Tuesday.
In a study based on BloombergNEF data on the global maximum volume of nickel -grade EV batteries and lithium, T&E said that by 2025 there will be enough to produce 21 million EVs worldwide.
Excluding Russian nickel, T&E said there should be enough raw materials for 19 million EVs by 2025.
Global EV sales more than doubled to 4.2 million vehicles in 2021 from just over 2 million in 2020.
Automotive consultant LMC predicts global EV sales will hit 9 million in 2023 and 14.2 million in 2025.
EV battery material prices have soared over the past year, with battery -grade nickel breaking new records after the Ukrainian invasion as Russia is a major producer of nickel.
Some analysts have warned of short -term battery supply congestion as the auto industry accelerates production of zero -emission cars, which can then be followed by a surplus when many plant and battery plant projects come online.
T&E said competition for lithium and nickel is fierce and noted both China and the United States have worked to ensure access to the raw materials.
Europe needs to follow suit and set up an agency to ensure the supply of “sustainably sourced critical metals”.
“While China and the U.S. are flexing their policy muscles to secure supplies of critical metals, European leaders are roaming the world for more oil,” said T&E senior director Julia Poliscanova. “Now is the time to focus on getting the sustainable raw materials the continent needs for our energy independence and a green future.”
(This story has not been edited by NDTV staff and is automatically generated from a syndicated feed.)
For the latest auto news and reviews, follow carandbike.com at TwitterFacebook, and subscribe to our YouTube channel.