Current levels are three times the range necessary to incentivise mining investment. Despite the challenges faced by car markets, undermined by the ongoing semiconductor chip shortage, global sales of electric vehicles (EVs) rose by 70%. This sector now accounts for nearly 80% of lithium demand, up from 35% only two years ago.
Toyota plans to spend USD13.7bn on battery supply for EVs, equivalent to 280,000 tonnes of lithium.
Chile’s President-elect Gabriel Boric has formulated plans to form a state-owned lithium miner to manage extraction.
Reducing future supply, Serbia's government has revoked the licences for Rio Tinto’s Jadar lithium project after community protests.
South Korean steelmaker POSCO plans to invest more in Australian lithium projects to serve the expected surge in demand from EVs.
