In countries where electric cars have been successfully democratized, like China, for example, affordability is inextricably linked to low raw material prices. In the U.S., where the road to electrification is far more complex, the impact of increasingly lower raw material prices is expected to truly materialize by the end of the decade, new research by the International Council On Clean Transportation has revealed.
EV batteries are expensive. They require critical minerals like lithium, nickel, manganese, and graphite among others to function. Lithium's demand has skyrocketed in the past few years. So much that it's often termed “white gold.” Growing environmental concerns around fossil fuels and new policies have caused a global white gold rush—governments and OEMs are scrambling to extract and refine lithium for EVs, and other industrial applications.
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