Demand for electric vehicle batteries continues to grow worldwide
Electric vehicle (EV) sales accelerated in 2021 and have remained high since. In 2022, EV sales exceeded 10 million units. Overall, 14% of all new cars sold were electric in 2022, compared to about 9% in 2021 and less than 5% in 2020.
However, supporting the future of electric vehicles requires greater efforts to diversify the production of batteries and critical mineral sources. In the short term, the most significant obstacles to consistently high EV sales are the rising cost of several important minerals needed for battery production, as well as supply chain bottlenecks caused by Russia's war against Ukraine.