Lithium demand is rapidly increasing in response to movement to green technologies and their reliance on battery materials
In August 2022, President Biden signed the Inflation Reduction Act (IRA). This removes the cap on credit, which is at 200,000 EVs sold per automaker – welcome news for manufacturers such as Tesla, General Motors and Toyota and more.
New sourcing requirements for critical battery minerals and battery components used in eligible EVs.
The requirements in the new bill again showcase the US’s determination to cut the dependence of its battery supply chain on China. Hertz Lithium plans to be at the forefront of America’s critical mineral independence.
Lithium demand is rapidly increasing in response to movement to green technologies and their reliance on battery materials
Electric Vehicle stock projected to be 30 times greater by 2030
Year-on-year growth in electric vehicle sales for over 10 years
Rapid scaling of EV production committed by top auto makers
Insatiable Lithium Demand Fuels Investment Boom
With all net growth in car sales last year coming from EVs, demand for the raw materials in batteries has ramped up suddenly. China dominates the lithium supply chain, so Western nations have sought to develop their own production. Miners in Australia – home to about half the world’s supply, according to the US Geological Survey – are now being courted by automakers waving checkbooks.