Roughly 20 kg of lithium goes into an EV battery or for 10 million units about 200,000 metric tons. Preliminary data from the USGS estimates global lithium production (ex. U.S.) for 2022 was 130,000 metric tons. In early 2021, we noted OEMs were entering the EV market "in force" and clearly consumers have responded. We now expect rising demand to put significant pressure on critical materials like lithium.
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