Global Surge In The Sales of Electric Cars Stretched The Supply Chains

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The demand for full-electric and plug-in hybrid cars increased twofold globally in 2021.

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According to the annual electric vehicle outlook report, the Russia-Ukraine War and the rapid growth of Sales of electric cars to 6.6 million has added pressure on the supply chains.

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This is affecting the essential materials like Lithium, Nickel and Cobalt.  

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Lithium rates were 7-times higher in May.

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Nickel and cobalt prices are doubled. 

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This is directly influencing the battery cost which contributes one-third of the cost of new EVs.

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Battery prices fell by 6% to 132 per kW in 2021.

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In a new release IEA Executive Director Faith Birol mentioned the need of sustainable supplies and critical minerals and said...

"Policy makers, industry executives and investors need to be highly vigilant and resourceful in order to reduce the risks of supply disruptions and sustainable supplies of critical minerals."  

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According to the reports, the battery prices could raise up to 15%. 

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Global lithium demand is expected to rise up to 600% by 2030, which will require 50 new average-size mines.

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The need for EVs is rising day by day because it's healthier for the earth's environment. In 2021, EVs helped reduce 40 million tons of  greenhouse gas emissions. 

"Pressure on the supply of critical materials will continue to mount as the road transport expands to meet net zero ambitions," said IEA and emphasized the need of short-terms investments in mining. 

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