‘Insane’ lithium price bump threatens EV fix for climate change
Al JazeeraThe price of the metal used in batteries for electric cars has risen six-fold since the start of the year. “As Elon Musk has said, ‘lithium will be the limiting factor,'” Joe Lowry, an expert on the global lithium market and the founder of Global Lithium LLC, told Al Jazeera. “It is very simple math.” Despite retreating from its April highs, the price of Lithium has jumped more than 600 percent since the start of the year, from about $10,000 per metric tonne in January to $62,000 in June, according to Benchmark Market Intelligence. “The main takeaway here is that the EV market faces many decades of strong, compound growth,” Fastmarkets said in its most recent lithium report. Despite holding only 5.1 tonnes, or 7 percent, of the world’s proven lithium reserves, China is now the fourth-largest producer, the number one refiner of processed lithium and the number one maker of lithium batteries, according to energy consultancy BloombergNEF.
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