Report Summary

• This report takes a long hard look at whether or not battery raw materials will run out as the battery industry ramps up output
• In 2023 we will see 621 GWh of batteries produced for EVs sold in the three largest territories – China, Europe’s 5 largest economies and the US
• Lithium and Graphite supply will be under strain through to 2026
• The Inflation Reduction Act’s insistence on new supply lines will see most market opt for LFP, LMFP or M3P batteries, because of the ease of setting up supply chain.
• Manganese demand will increase significantly with the advent and following acceleration of LMFP production.
• Demand for nickel (NMC) and cobalt-based chemistries will fall and be limited to North America at the top end of car markets
• Graphite is the next big problem for battery makers due to its current heavy concentration within China.