Nickel, Lithium Available in Abundance to Produce 14 Million EVs in 2023: Report

Excluding Russian nickel, T&E said there should be sufficient raw materials for 19 million EVs in 2025.

By Reuters | Updated: 3 May 2022 13:22 IST

Nickel, Lithium Available in Abundance to Produce 14 Million EVs in 2023: Report

Photo Credit: Unsplash/ Michael Fousert

Both China and the US have been working to ensure access to lithium and nickel

Highlights

Lithium and nickel are used to produce batteries for electric vehicles
Analysts have warned of short-term battery-supply bottlenecks
Global EV sales more than doubled to 4.2 million vehicles in 2021

Data shows there is enough nickel and lithium to produce up to 14 million electric vehicles (EVs) globally in 2023, so Europe should secure more raw materials to shift away from oil faster, campaign group Transport and Environment (T&E) said on Tuesday.

In a study based on BloombergNEF data on global maximum volumes of EV battery-grade nickel and lithium, T&E said that in 2025 there would be enough to make 21 million EVs globally.

Excluding Russian nickel, T&E said there should be sufficient raw materials for 19 million EVs in 2025.

Tata Motors Aims to Deliver 80,000 Electric Vehicles in FY 2022-23

Global EV sales more than doubled to 4.2 million vehicles in 2021 from just over 2 million in 2020.

Automotive consultancy LMC has forecast global EV sales will hit 9 million in 2023 and 14.2 million in 2025.

Prices of EV battery materials have soared over the last year, with battery-grade nickel breaking fresh records after the invasion of Ukraine as Russia is a major nickel producer.

Nitin Gadkari Advises Advance Action to Recall Faulty EVs

Some analysts have warned of short-term battery-supply bottlenecks as the auto industry rapidly accelerates production of zero-emission cars, which could then be followed by a glut as a plethora of mining and battery plant projects come online.

T&E said competition for lithium and nickel was fierce and noted both China and the US had been working to ensure access to those raw materials.

Europe needs to follow suit and establish an agency to ensure the supply of "sustainably sourced critical metals".

Tesla Shouldn't Import Cars From China for Sale in India: Transport Minister

"While China and the US are flexing their policy muscle to secure supplies of critical metals, European leaders are scouring the globe for more oil," said T&E senior director Julia Poliscanova. "Now is the time to focus on sourcing the sustainable raw materials the continent needs for our energy independence and a green future."

Xiaomi 12 Pro is littered with features, but is that enough? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.