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The Top Reasons the U.S and Europe Fear a Lithium Supply Crunch
Houston, Texas--(Newsfile Corp. - October 17, 2019) - Wall Street Nation announces publication...
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[{"type":"text","content":"The Top Reasons the U.S and Europe Fear a Lithium Supply CrunchHouston, Texas--(Newsfile Corp. - October 17, 2019) - Wall Street Nation announces publication of an article that discusses E3 Metals Corporation (TSXV: ETMC) (OTC: EEMMF), a lithium development company with 6.7 million tonnes lithium equivalent (LCE) inferred mineral resources in Alberta. A Lithium Supply Crunch is on the HorizonAn electric vehicle looks like any other car on the road. However, since it doesn't have a gas-burning engine, it doesn't have a tailpipe, or even a gas tank. And instead of a big engine under the hood, you'll find is an electric motor, which doesn't need oil, tune-ups or any checks on smog issues. Instead, you'll find an EV power source that supplies the electric motor with energy to move. One of the key sources of that power is lithium, which could see substantial demand. In fact, according to Volkswagen, \"Lithium will in the near future be one of the most sought-after raw materials on earth. According to forecasts, the worldwide demand for lithium will more than double by 2023 - largely owing to processing in car batteries. Lithium is currently regarded as an unrivalled charge carrier that will be irreplaceable for the foreseeable future, as no other element offers comparable properties for automotive battery applications.\"The U.S. and Europe are Anxious about EV Battery ShortagesAs automakers ramp up production of EVs, key metals used to make the batteries may face a sizable supply crunch, according to energy and consulting research firm, Wood Mackenzie, including lithium.Granted, lithium supplies are enough to meet demand now. Unfortunately, a crunch is looming. As lithium prices have fallen, producers have cut back on increasing supply to meet future demand. Albemarle Corporation just delayed construction plans for nearly 125,000 tons of additional capacity, as oversupply issues force prices down. They're not the only one that see a crunch. \"It's dawning on North America and Europe that there's a raw materials issue that needs to be addressed here,\" CleanTeQ's CEO Sam Riggall told Bloomberg. Crunch Time Nearing with EV Sales Expected to RiseA year ago, global EV sales were up 64% year over year. By 2025, EV sales are expected to make up 7% of all car sales, according to Woods Mackenzie, as noted by CNBC. By 2040, that number could ...