Current news headlines report ambitious goals by nations, states, and progressive cities to end the use of internal combustion engines in the foreseeable future. Some news sources have even reported the impending death of traditional internal combustion engine vehicles. Electric Vehicles are being touted as the answer.
There’s no doubt that Electric Vehicles will play a role in combatting climate change. However, there are no clear pathways to achieve these lofty goals. Simply put, adoption of electric vehicles has been slow.
The current on-road fleet is primarily internal combustion engine vehicles, with an estimated 1.8B by 2040;
The high price point and perceived limitations of electric vehicles have caused market resistance;
The high cost of electric vehicle replacement batteries and maintenance continue to make electric vehicles cost prohibitive to the general public.
In addition, imported cobalt and lithium are necessary elements in electric vehicle batteries. The ability to meet future supply of these minerals is heavily reliant on new deposit discoveries.