Ford CEO Jim Farley on EV transition: 'Batteries are the constraint'
Yahoo Finance in September about lithium mining. Lithium is a key component in lithium-ion batteries, the most dominant type of battery used in the EV industry and the kind that Ford uses. The average electric car battery uses about 8kg to 10kg of the metal.
"We don’t have enough in the world to turn that much production in the world by 2035," Phillips said. Notably, lithium-ion battery demand is expected to explode by more than 500% between 2020 and 2030. Although the U.S. has developed some capacity for battery production, China dominates the market with more than 70% of global EV battery production capacity within its borders.
China is the largest producer of graphite, one key mineral used in lithium-ion batteries, but its strength comes mainly from its refining capacity. Once a raw material is extracted from the earth, it is sent to processors to purify the mineral, which is then sent to producers who manufacture the batteries that go into consumers' cars. But as geopolitics, weather extremes, and spiking commodity prices threaten those supply chains, many U.S.
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