Why expensive power could soon accelerate, rather than retard, the US EV adoption divide
Thus far US BEV adoption has largely been strongest in areas that have higher residential power prices. What if that became a feature, not a bug?
Benchmark warns that limited supply of key lithium-ion minerals will restrict battery supply chain build-out
London-based battery supply chain analysis firm Benchmark Mineral Intelligence has a stark projection that lithium and nickel manufacturing will be unable to meet demand from battery producers, resulting in a bottlenecking of the industry’s growth.
According to Benchmark’s analysis, demand for lithium-ion batteries is expected to rise from 1TWh in 2023 to 3.7TWh by 2030, with the majority of this growth being “driven by an ever-increasing demand for EVs”. However, in order to achieve this scale, an additional $201bn is required to ramp up battery manufacturing efforts. The expansion of the global lithium industry needs $51bn alone to meet demand.
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