As electric cars become more popular, more lithium will be needed for their batteries. Luckily, two lithium plants may soon be built in a country that could have the most lithium resources.
According to Tech Xplore, Bolivia made a $1 billion deal with CBC, subsidiary of the world's No. 1 producer of lithium batteries, CATL, to build two lithium carbonate production plants.
The plan is to build these two plants in Uyuni. One plant would have the capacity to produce 10,000 tons of lithium carbonate and the other 25,000 annually.
The deal awaits approval by Bolivia's parliament.
President Luis Arce said, "We hope to close that deal as soon as possible."
According to The New York Times, lithium "has become so precious that it is often called white gold." This makes it difficult to use as a key ingredient in batteries for electric vehicles. Luckily, the price of lithium started to fall in 2023, and some experts believe it's because more mines opened. As lithium prices went down, so did the cost of EVs.
If Bolivia's parliament approves the deal, it could help reduce those costs even further.
Lower prices mean you can make your next car an EV and reap the benefits. Compared to its gas-powered counterpart, you could save about $1,500 on gas and maintenance with an EV.
Additionally, according to a study by the University of Southern California, EVs reduce air pollution that causes asthma. The study found that for every 20 new EVs on the road per 1,000 people, asthma-related emergency visits decreased by 3.2%.
🗣️ If you were going to purchase an EV which of these factors would be most important to you?
🔘 Good driving range 🔋
🔘 Affordable sticker price 💰
🔘 High-tech safety features 😌
🔘 Cheap maintenance costs 🛠️
🗳️ Click your choice to see results and speak your mind
That may seem like a small drop, but the Biden administration announced policies in 2024 that aimed to lead to the majority of vehicle sales in the United States being all-electric or hybrids by 2032, per The New York Times. If this plan is successful, the reduction in air pollution would be significant.
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