The demand for lithium, cobalt, nickel and graphite—needed to make EV batteries—will skyrocket over the next decade.
have said they’ll ban the sale of new gas-powered vehicles—the sourcing of raw materials needs to start now. The battery pack in an EV has to power the entire vehicle, from the powertrain to all of its other technological components. Because of that, these packs are much bigger than those found in traditional cars and require a lot more lithium, cobalt, nickel and graphite.
The battery pack in an EV like the Ford F-150 Lightning requires more raw materials than one found in a traditional gas-powered vehicle.Benchmark’s study found that the global supply of lithium currently sits at 678,000 tons, but will need to rise to 4 million tons by 2035 to meet demand. The supply of the other raw materials needed to construct EV battery packs will also need to increase dramatically.
The group’s study found that at least 359 new mines and similar facilities could be needed to meet the demand expected for these materials by 2035, though that number could easily rise to 384. This would include 74 mines for lithium, 62 mines for cobalt, 72 mines for nickel, 97 mines for natural graphite and 54 plants for producing synthetic graphite. If manufacturers are able to make better use of recycled materials, the number shrinks slightly—but only to 336 miles.
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