Supply Issue Could Put the Brakes on the EV Market

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The electric vehicle story is dominating the auto industry.

“A new report by Cairn Energy Research Advisors, a research firm focused on the battery and EV industries, predicts a surge in electric vehicle sales in 2021 as countries around the world push new programs to encourage consumers to buy battery powered vehicles.  Cairn estimates global sales of EVs in 2021 will jump 36% and top 3 million vehicles for the first time ever.” However, for that to happen, automakers must get its hand of key minerals.

Plus, according to Bloomberg, surging demand for EVs is sending the price of those materials soaring higher, which could “slow the push toward making cheaper batteries that are key to more widespread adoption.  In addition, according to NPR, “The fear of a shortage is not tied to anxiety about literally running low on Earth’s supply of lithium, for instance. But it takes time to scale up a mining operation.”