New Federal Guidance on Critical Minerals Signals Changes for EVs
Cobalt, graphite, lithium, manganese, nickel, and rare earths — familiar names that are critical to the production of electric vehicles (EVs). As the market transitions to meet the growing demand for renewable energy technologies, there is a parallel movement to produce and secure the materials needed to meet this influx. However, meeting this demand isn’t very straightforward.
A typical EV requires six times the amount of minerals as an internal combustion engine vehicle. If the world were to meet net-zero goals by 2050, the mineral demand for use in EVs and battery storage would need to grow at least 30 times by 2040.