Increase In Electric Production Creates Supply Crunch For Battery Materials!

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Industry Journal Pro has learned that the surge in the electric car production will deplete the metals that are used in the production of battery. It will hit a supply crunch in the next few years, according to the report.

Metals such as Lithium, Cobalt, and Nickel will take the worst hit, a report from energy consulting and research firm Wood Mackenzie said. The ever-growing era of electric production and the limited production of metals has marked a contrary remark on the evolving industry.

 Gavin Montgomery, research director at Wood Mackenzie said that three metals will fulfill the demand but short term market prices of the metals will fall and that will deter the manufacturers to fulfill the demand in the future.

He added that the production of the metal required for electric car manufacturing would be difficult to keep it up!“It’s dawning on North America and Europe that there’s a raw materials issue that needs to be addressed here,” leading metals company CleanTeQ’s chief executive officer, Sam Riggall, told Bloomberg in early July.

In 2018, the sales of electric cars were up by 67% as compared to 2017. The firm dignitaries say that by 2025, 7% of passenger cars will be electric vehicles. And all the cars will go fully electric by the year 2050.

Source:https://www.cnbc.com/2019/07/26/electric-car-production-rises-supply-crunch-for-battery-metals-looms.html

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