WASHINGTON and NEW YORK and LONDON, April 28, 2016 /PRNewswire/ -- MarketResearch.com published a blog post detailing how electric vehicle producers such as Tesla and China's BYD are increasing the demand for lithium, a silver-white metal that has revolutionized the rechargeable battery industry.
According to a report by The Freedonia Group, World Lithium, global demand for lithium is expected to rise 8.8% annually though 2019 to 50,500 metric tons. This increase is driven by the expanding use of Li-Ion batteries in hybrid and electric vehicles, energy storage systems, and high-drain portable electronics.
With a huge increase in demand, the big question is will there be enough lithium?
Last year, Tesla formed supply agreements with two natural resource companies: Pure Energy Minerals and Bacanora Minerals. But Tesla is going to need more lithium than these producers can offer in order to meet its goal of producing enough Li-Ion batteries to supply 500,000 electric vehicles by 2020. Top automakers and other players in the electric vehicle sector will also be competing for adequate lithium supplies.
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