Sep 3, 2020
As electric vehicles have become more mainstream, plenty of governments have laid out plans to phase out combustion-engine vehicles in exchange for EVs over the next decade. Since EVs mainly run on rechargeable lithium-ion batteries, they produce zero emissions and have the potential to reduce our reliance on carbon-based energy by a great degree. As a result, says Chilean Mining agency Cochilco, the electric car industry will dominate demand for lithium over the next ten years.
On Wednesday, the mining agency said that electric vehicles will account for more than 79% or three-quarters of lithium by 2030, up from a third in 2019. The coronavirus and the resultant economic crisis has reduced the demand for lithium for electric vehicles to around 75,000 tons. However, Cochilco expects it to surge to 1.4 million tons by 2050 based on forecasts for the growing production of hybrid, and fully electric vehicles that use lithium-ion batteries. On the other hand, demand for lithium for other products that use the mineral, such as…
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