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Nickel and lithium resources will reach the production of 14 million electric cars in 2023

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In a study based on BloombergNEF data on maximum global volumes of nickel and lithium for batteries for electric vehicles, T&E said that by 2025 they will be enough to produce 21 million electric vehicles globally.

Excluding Russian nickel, T&E said there should be enough raw materials for 19 million electric vehicles by 2025.

Global sales of electric vehicles have doubled to 4.2 million vehicles in 2021, from just over 2 million in 2020.

Automotive consulting firm LMC has estimated that global electric vehicle sales will reach 9 million units in 2023 and 14.2 million in 2025.

The prices of battery materials for electric vehicles have risen in the last year, with nickel for batteries breaking new records after the invasion of Ukraine, Russia being a major producer of nickel.

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Some analysts have warned of short-term bottlenecks in battery supply, as the auto industry is rapidly accelerating production of zero-emission cars, which could then be followed by a surplus, as a multitude of mining projects and battery factories will come into operation.

T&E said competition for lithium and nickel is fierce and noted that both China and the United States have worked to secure access to these raw materials.

Europe must lead by example and set up an agency to ensure the supply of “critical metals from sustainable sources”.

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“As China and the United States improve their policies to secure their supply of essential metals, European leaders are looking for more oil in the world. 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, ”said T&E Director Julia Poliscanova.

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