Lack of cobalt is hindering the development of electric vehicles

A new report from the EU Commission points out how an accelerated introduction of electric vehicles (EVs) increases the demand for lithium-ion batteries (LIB). This is expected to increase significantly in the future. Considering annual supply and demand balances in global average scenarios, including the effects of substitution over demand is already perceived to exceed supply in 2020. By then, around 8 000 tonnes of additional cobalt would be needed to cover global demand. This deficit is expected to increase to 64 000 tonnes in 2030.

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Source: JRC

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