The rising cost of some crucial raw materials used in battery production due to a shortage in mining capacity could be a challenge for both electric vehicle (EV) makers and materials companies. However, both industries’ efforts to collaborate and open extraction areas for essential battery metals are culminating in a more optimistic outlook for EV manufacturing. Also, plans to build battery cell plants near raw material extraction sites should help mitigate the scarcity of raw materials.
Moreover, EVs are expected to repeat their positive sales trends in 2022. Also, the EV industry is projected to dominate the automotive industry over the next couple of decades, with increasing support from governments and strong consumer demand.
