DRIVERS have been warned over a major issue that will see a massive blow to the EV industry. The power and energy sector is said to be suffering an acute problem with a lack of high-voltage transfo…
, a report by S&P Global has revealed the subsidies for EVs are expected to compound an existing problem in the coming years.
It’s predicted that those subsidies will drive EV adoption at a faster rate than the mining industry can increase supplies of minerals such as lithium, nickel, copper and cobalt which are needed to make the batteries. The report says: “Spurred by the IRA [Inflation Reduction Act 2022], energy-transition-related US demand for the critical minerals lithium, nickel and cobalt, taken together, will be 23 times higher in 2035 than it was in 2021.
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