Lithium, cobalt and nickel are all used to manufacture EV batteries
Surging battery mineral prices threaten EV growth
EV sales growth remains robust in 2022, but rising mineral prices and supply chain dislocations present near-term challenges, says IEA
Sales of electric vehicles (EV) remain strong so far this year, but the market faces significant near-term headwinds in the form of soaring mineral prices and supply chain disruptions, according to the IEA. Prices for lithium, a crucial mineral used in car batteries, were over seven times higher in May 2022 than at the start of 2021, and prices for cobalt and nickel also rose, the IEA notes. All else being equal, the cost of battery packs could increase by 15pc if these prices stay around current levels—reversing several years of declines. Russia’s invasion of Ukraine has created further pressures, since Russia supplies 20pc of global battery-grade nickel. Continued Covid-19 lockdowns in som
Also in this section
19 June 2025
Andean country has become a leading destination for voluntary carbon credit investment, but challenges remain
18 June 2025
Gas Processors Association Europe brings together leading specialists at annual event in Netherlands to analyse the challenges and opportunities presented by technology at heart of Europe’s decarbonisation strategy
10 June 2025
Eni’s CCUS deal with BlackRock’s Global Infrastructure Partners reflects a growing belief among big investors in the CCUS growth story
3 June 2025
Africa faces challenges in adopting CCS but also has vast potential, with the technology being not just a climate tool but a catalyst for development
