Cobalt in future EV supply chains: Addressing long-term demands through strategic investments

An overview of how new cathode technologies, long-term supply contracts, mining and refining capacity expansions, and investments in new extraction avenues are key to reducing supply chain risks associated with BEV LiB cobalt.

Driven primarily by emission-based legislations and mandatory electrification-targets worldwide, the EV industry has grown exponentially over the last few years with the demand for EVs nearly doubling between 2020 and 2021, from 2.4 million vehicles to 4.5 million. The growing EV market has meanwhile caused an unprecedented surge in demand for the materials needed to produce the lithium-ion batteries (LiB) and motors powering the vehicles.