By Katabella Roberts | 24 May 2022
While electric vehicle sales have remained strong so far this year with 2 million electric cars sold worldwide in the first quarter, IEA said that further efforts to diversify battery manufacturing and critical mineral supplies are needed to reduce the risks of bottlenecks and increased prices going forward.
A growing number of countries and carmakers across the globe have set out ambitious vehicle electrification targets for the coming decades amid a push to address climate change.
However, IEA warned that soaring prices for some critical minerals essential for battery manufacturing, supply chain disruptions in the wake of the COVID-19 pandemic lockdowns in China, and Russia’s invasion of Ukraine remain the greatest obstacles to strong electric vehicle sales.
The biggest battery manufacturer in the world is China and more than half of all lithium, cobalt, and graphite processing and refining capacity is located in China. […]