There is a strong belief that as the cost of batteries drops, electric vehicles (EVs) will replace internal combustion. From a price of around US$1,200 per kWh in 2010, prices have dropped to US$137 per kWh in 2020 and with an expectation of less than US$100 by 2023, at which point EVs would reach price parity with combustion engine vehicles, in direct challenge to oil and gas. But the recent rise in lithium prices raises questions about when that will actually happen. Lithium carbonate prices were falling from a peak of around US$15,000 per ton in 2018 to half that price by the end of 2020. But since then the price has been rising, reaching over US$25,000 per ton in end of 2021 and recently reaching over US$40,000 per ton. And the same has been happening with cobalt and nickel. Click on the image to learn more, in Forbes article.
