Trouble Ahead For Electric Car Buyers
Another roadblock for progress.
As electric vehicles continue to gain popularity across America and more people continue to purchase them, the production of new electric vehicles have become scarce because a shortage of lithium. Lithium is an essential element needed for making electric batteries.
According to Fox, U.S. automakers are already stressing over the difficulty to obtain lithium for their electric vehicles. Lithium and mining expert Joe Lowry also recently told media outlets that he believe the gap between lithium supply and demand will continue to worsen over the next year or two.
What’s even more surprising is the cost of lithium has grown 430% over the past year.
Telsa CEO Elon Musk has also weighed in on the lithium prices:
Price of lithium has gone to insane levels! Tesla might actually have to get into the mining & refining directly at scale, unless costs improve.
There is no shortage of the element itself, as lithium is almost everywhere on Earth, but pace of extraction/refinement is slow.
— Elon Musk (@elonmusk) April 8, 2022
