Nearly every major automaker announcing a transition to electric vehicles, and in order to power all of these EVs, we will need batteries.
But the U.S. currently faces a lithium supply problem, according to a report from CNBC.
Electric vehicle growth will be responsible for more than 90% of the demand for lithium by 2030. With demand as high as its ever been, this vital mineral in rechargeable batteries has earned the name “white gold.”
The price of lithium is up 280% since Jan. 2021, and establishing a domestic supply of lithium has become more important as ever.
But today, the U.S. is far behind, with only 1% of global lithium being mined and processed in the U.S., according to the U.S. Geological Survey.
Click here to read the full story at CNBC.
