Car manufacturers like General Motors and BYD Auto are taking steps to secure their supply of lithium for electric car batteries by acquiring stakes in lithium mines. This is a departure from the industry norm of relying on outside vendors for raw materials.
The looming shortage of lithium presents a challenge to the plans to increase sales of electric vehicles as the metal is a crucial component. The potential scarcity of the material is also causing political conflicts and raising environmental concerns over the impact of lithium extraction.
In response, automakers are investing in lithium refining and recycling ventures to reduce their dependence on freshly mined ore, as global lithium output is expected to triple in the coming decade.
Primary Source: KRDO (Least Biased)
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