EV Revolution About To Hit Giant Pothole, UK Paper Says
Will your next car be electric? If so, you won’t be alone, Jon Yeomans reported for the UK’s Sunday Times.
Photo Insert: There isn’t nearly enough metal around to put in all the EV batteries we need.
Sales of battery electric vehicles (EVs) have soared 89 percent in 2021 and their share of new vehicles has nearly doubled in a year — to 10.6 percent.
Carmakers are scrambling to serve up new models; Volkswagen declared this month that it would spend a colossal £76 billion on developing EVs over the next five years.
Unfortunately, EVs are careering towards a giant pothole — there isn’t nearly enough metal around to put in all the batteries we need.
The race is on to develop deposits of lithium, nickel, cobalt, and the jumble of other metals that make up a car battery. One noted mining investor predicts the coming boom will just go bust in no time at all.