NKLA - EV Battery Manufacturers Face Supply Shortfalls Amid Rising Demand
Electric vehicle (“EV”) batteries are the most important component of any EV. They are solely responsible for powering zero-emission EVs and are the most expensive component in the entire vehicle. Most battery electric vehicles on the market rely on rechargeable lithium-ion batteries for power. The thing about EV batteries is that their production requires rare, precious metals such as lithium, cobalt and nickel. However, only a few countries in the world have significant deposits of these minerals, and the mining of these minerals has raised ethical and environmental questions.
With electric vehicles getting even more popular amid increased awareness and a lot more options to choose from, demand for EV batteries minerals has gone increased. In fact, the entire electric vehicle supply chain is wracked with shortages as EV makers increase their lineups to meet consumer demand as well as adhere to increasingly strict emission standards. Even components such as graphite, which is usually quite easy to source, are now hard to come by. Unless the supply chain’s capacity to produce...
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