ANKARA: There will be enough lithium and nickel to make up to 14 million battery electric vehicles (BEVs) globally in 2023 – 55% more than current market projections, even without Russian supplies, according to a report recent study on the short-term availability of raw materials. material exhibits.
Transport & Environment (T&E), which carried out the study, calls on European governments to do more to boost access to key metals to ensure its green energy security, Anadolu Agency reported.
The study shows that in 2025, even if the supply of raw materials tightens and remains below the capacity of battery factories, 21 million BEV could still be produced, almost 50% more than the estimates of the market.
“However, this does not guarantee supply to Europe as the world’s largest market for electric vehicles,” the report warned, adding that growing electric car sales in China and the United States means competition for critical raw materials, with both countries introducing measures to ensure access.
The report also demonstrates real concern about the effect of a tight raw materials market on battery prices.
“Structurally, a long period of low commodity prices has led to underinvestment in new metal mines, while short-term Covid-19-induced disruptions to supply chains and the war in Ukraine have added to the pressure on prices,” the report explains.
Nevertheless, the report indicates that mining and recycling companies are already reacting to high prices by announcing expansions, which should lead to price stabilization over the next few years, he added.
Commenting on the report, Julia Poliscanova, Senior Director of T&E, said: “The war in Ukraine has shown that we need to wean ourselves off oil. The best way to do this is to go electric.
“As China and the United States show political strength to secure the supply of critical metals, European leaders are scouring the world for more oil. Now is the time to focus on the supply of sustainable raw materials that the continent needs for our energy independence and a green future,” she said.