World demand for batteries to power electric vehicles (EVs) is expected to increase sharply in the coming years. To prepare for this demand, some nations are seeking to increase their own ability to produce the materials needed to make the batteries.
Lithium-ion batteries are expected to remain the most widely used technology for EVs in the future. One of the main materials used to produce the batteries is lithium, a light metal substance. Other necessary materials include the metallic elements cobalt, manganese and nickel.
Prices for these materials have been rising as demand increases for EV batteries. The demand is expected to continue worldwide as major automakers keep expanding their EV production.
China is currently the world leader in the EV market. In 2021, 3.4 million of the vehicles sold in China were electric, a report by the International Energy Agency found. Europe was…
Demand for Electric Car Batteries Drives Nations to Seek Own Materials
