Lithium Prices Have Bottomed Out Thanks to EVs

Thanks in part to the electric vehicle story, lithium prices appear to have bottomed out, and are expected to move higher in the early part of 2021, as noted by Resource World.  “It is anticipated demand for vehicle battery metal will increase sharply over the next several years as automakers abandon internal combustion engines for EVs.”  Helping to fuel demand further are companies like General Motors, which just revealed it will offer 30 all-electric models.

“Forty percent of the company’s U.S. entries will be battery electric vehicles by the end of 2025. Barra also announced an increase in GM’s financial commitment to EVs and AVs today to $27 billion through 2025 – up from the $20 billion planned before the onset of the COVID-19 pandemic,” according to General Motors’ Chairman and CEO Mary Barra.

“Climate change is real, and we want to be part of the solution by putting everyone in an electric vehicle,” added Barra. “We are transitioning to an all-electric portfolio from a position of strength and we’re focused on growth. We can accelerate our EV plans because we are rapidly building a competitive advantage in batteries, software, vehicle integration, manufacturing and customer experience.”