Surging demand for EVs and energy storage will deepen the deficit in lithium supplies for at least the next five years — and spur shortfalls in cobalt and nickel in as little as three years, according to data from S&P Global Commodity Insights shared with Axios.
Why it matters: Startups may be experimenting with different battery chemistries, but there remains no viable alternative to lithium. These raw material shortages will prevent automakers and governments from achieving ambitious EV goals.
"There is no commercial opportunity to move away from lithium at this point," Scott Yarham, a regional pricing director for S&P GCI, tells Axios.
