As global demand for hybrids, plug-in hybrids, and electric vehicles continues to grow, the demand for lithium is also growing exponentially.
It is expected that lithium demand will double in the next eight years thanks to the sales of batteries used in electric and hybrid vehicles. Global demand will double to 300,000 tons by 2020, according to analysts at Dahlman Rose & Co. Approximately 40,000 electric and plug-in hybrid vehicles were sold worldwide last year, and estimates have that number growing to over 8 million by 2020.
Sales of 1 million electric vehicles a year would more than double battery-grade lithium use, which is currently at 40 million lbs a year. Every electric vehicle on the road uses about 50 lbs of lithium while hybrids use about 20 lbs a piece.
[Source: Automotive News]