Demand for lithium ion batteries is on track to grow 36% this year to 610 gigawatt-hours, according to Benchmark’s Lithium ion Battery Database. Lithium supply is set to expand 33%, according to Benchmark’s Lithium Forecast.
In the short-term, continued robust electric vehicle demand globally and record-breaking heat and drought in the southwest of China are the key drivers for the market.
Chinese electric vehicle sales have recovered from April, when Shanghai was placed in strict lock-down to combat the spread of Covid-19. Chinese sales of electric vehicles rose by 25% in June compared to a month earlier.
Globally sales of electric vehicles rose by 34% in June compared to a month earlier, according to Rho Motion:
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