The global push for electric vehicles, from companies like Tesla (NASDAQ:TSLA) and Nio Inc. (NYSE:NIO) is only accelerating.
All as the world pushes for lower emissions.
The U.S. for example just pledged to reduce emissions by up to 52%, which could provide a sizable boost to the EV industry. The UK just announced plans to stop the sale of diesel and gasoline vehicles by 2030, opting for EVs. Germany unveiled a budget, which includes subsidies for electric vehicle buyers. Israel announced it will phase out fossil fuel vehicles by 2030. Norway plans to remove gas-powered vehicles by 2025. However, for the EV industry to succeed, it must have far more supply of graphite, copper, cobalit, lithium, and silver from companies like Green Battery Minerals Inc. (TSXV:GEM)(OTC:GBMIF), Albemarle Corp. (NYSE:ALB), and Lithium Americas Corp. (NYSE:LAC). After all, without those key materials, the electric vehicle boom can’t grow.
For example, the EV industry needs more graphite, which, “serves as the anode in the lithium-ion batteries that power these EVs, not to mention the growing number of portable tools and electronics that use the same type of battery,” according to Mining News North. It’s also running short of cobalt. According to Wired, “We simply may not have enough supply.” In addition, there continues to be a shortage of lithium, and even copper. A sustained shortage of these key minerals could easily put the brakes on the industry.