As electric vehicle production ramps up worldwide, a supply crunch for battery materials is looming

As electric vehicle production ramps up, a supply crunch for battery materials is looming

As car manufacturers ramp up production of electric cars, metals used to make the vehicles' batteries may face a supply crunch by the mid-2020s, according to a Wood Mackenzie report released Wednesday.Workers are seen at the production line of lithium-ion batteries for electric vehicles at a factory in Huzhou, Zhejiang province, China.

For now, supplies of those three metals are enough to meet demand, according to Gavin Montgomery, research director at Wood Mackenzie. But short-term market prices of those metals have fallen, and that will deter producers from increasing supply to meet future demand, he addedIn fact, in the next few years, demand for the metals is expected to grow so rapidly — as car producers make more electric vehicles — that suppliers won't be able to keep up, Montgomery noted.

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