A mining company consultant described as “Mr Lithium” by Bloomberg doubts the lithium mining industry will be able to support all the electric car production planned.
“In the next two years, even though there will be significant growth in supply, it will be less than demand, so the gap will just continue to grow,” lithium and mining expert, Joe Lowry, recently said during an interview with Bloomberg.
Earlier this month, Tesla CEO Elon Musk tweeted about the issue, commenting on what he described as the “insane levels” of lithium prices.
Lithium prices have surged a staggering 438% above last year. The increase comes as the amount of the metal used has almost quadrupled over the last decade. But the process for extracting lithium, and a relative lack of investment, have yet to catch up with the rising demand.
“There is no shortage of the element itself, as lithium is almost everywhere on Earth, but pace of extraction/refinement is slow,” Musk wrote.
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