The electric vehicle revolution is well underway, promising a greener, more sustainable future for the automotive industry. However, despite the growing popularity of electric vehicles (EVs), several significant hurdles are obstructing their widespread adoption. At the forefront of these challenges are supply chain issues, particularly concerning critical components like batteries. Among the most pressing concerns is the heavy reliance on rare and essential minerals, including lithium, cobalt, and nickel, which are indispensable for battery cathodes. We’ve written before about the human rights and environmental issues with mineral mining, and that’s something we’re continuing to learn about. This blog post is more focused on the economic side. Though the supply chain for these vital materials is far from stable, and the necessary infrastructure is not yet fully developed, the last year has seen some significant progress – particularly thanks to the Inflation Reduction Act.
This post was originally published on the Green Energy Consumers Alliance website.