World will run out of batteries for electric vehicles in four years

 Oil Price:

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And now, according to a new Bank of America Global Research report, the global EV battery supply is in danger of running out completely as soon as 2025. “Our updated EV battery supply-demand model suggests the global EV battery supply will likely hit [a] ‘sold-out’ situation between 2025-26, with its global operating rates reaching above 85%,” the report reads ominously. The supply shortage will be largely a product of rapidly increasing demand in a market that is simply unprepared for the levels of EV adoption coming down the pike in the immediate term.

As world leaders feature incentives and imperatives for electric car adoption in their post-pandemic recovery policies and economic stimulus packages, and the private sector leans further into Environmental, Social, and Governance (ESG) investment principles, the transition away from gasoline and diesel combustion engines is expected to go into overdrive. “We forecast the global operating rates of EV battery will rise to about 121% by 2030, based on announced capacity so far, implying another round of substantial CapEx cycles will likely kick in the next 2-3 years,” the BoA report went on to say.

The world needs to ramp up its EV battery production, and it needs to do it essentially overnight. But the EV battery issue, as big as it is, is only a microcosm of the much bigger and more pressing issue of a general lack of foresight into the world getting serious about the energy revolution and green energy transition. In many ways, COVID-19 catalyzed the growth of clean energy in ways that we couldn’t have seen coming, to be sure, but the need for this kind of wide-scale adoption of EVs and clean energy has been pressing, known, and all but ignored for decades now. It’s far past time to get serious about policy, incentives, investment, and R&D at a pace that reflects the urgency of the imperative set by the looming threat of catastrophic climate change.

Making the US dependent on China for energy and "fuel" for cars is much worse than being dependent on OPEC.  It makes no sense and it would hasten the demise of transportation in the US. 

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