As North American manufacturers are focused on revamping production to meet the ever-increasing demand for electric vehicles (“EV”), they are running into their biggest challenge - namely the lack of a reliable source of lithium. While automakers have been scouring the globe for new supplies of Lithium, current forecasts suggest a global shortfall in lithium will result in massive supply challenges for the automotive industry as it works towards transforming itself into a green industry. The current metrics are daunting for the automotive industry supply chain. One tonne of mined lithium ore is required to power 90 car batteries. Over 2.5 million EV’s were sold globally last year, and expectations are that by 2030 EV production will rise to over 40 million and that over 27 percent of all newly built global passenger vehicles will be electric vehicles.
Experts at UBS project that by 2030 the world will need to produce 2,700 GWh of lithium-ion batteries annually to supply the EV industry. That is 13 times the amount of battery power used now, or “225 billion iPhone 11 batteries.” Countries in the western world are phasing out gasoline-powered cars and rushing to lock down new lithium supplies. The electric vehicle (EV) revolution has begun. Foremost Lithium is extremely well positioned to meet this new industry demand. The company’s Jean-Lake, Zoro and Hidden Lake Lithium properties have the potential to meet future North American demand as these lithium properties, while in early stages of exploration, have tested for high grades of lithium concentrates. The Company is eager to engage and partner in this EV green revolution.