The automotive industry’s use of lithium-ion batteries is on track to grow seven-fold to 650 GWh by 2025, from 70 GWh in 2017; the increase in energy storage, although from a lower base, will add to this, says specialist international publisher Metal Bulletin.
It adds that the electrification of vehicles and the need to store electricity, generated by renewable energy sources such as wind and solar, point to huge demand growth for lithium-ion batteries.
Government subsidies and incentives in many countries – most notably China – are encouraging sales of electric vehicles (EVs) and e-buses.
For now, the cost of manufacturing EVs remains more expensive than a vehicle powered by a comparable petrol or diesel internal combustion engine (ICE), owing to the cost of the EV’s battery pack.
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