The electric vehicle boom shows no signs of slowing.
In fact, “A global push for EV adoption, helped by government subsidies and incentives, means that demand for lithium is not going away. Companies like Volkswagen, Ford, Mercedes and Amazon having started shifting their focus to electric vehicles,” reports Bloomberg.
According to the Boston Consulting Group, by 2025, EVs could account for a third of all auto sales. By 2030, EVs could surpass combustion engine vehicles with a market share of 51%.
Helping, General Motors just announced that it’s investing $2.2 billion in U.S. manufacturing to increase EV production. Since 2019, the company has committed more than $4.5 billion to prepare for EV production, as noted by CNBC. It’s also planning to unveil about 20 new EVs around the world by 2023, including the GMC Hummer EV.
“Factory ZERO is the next battleground in the EV race and will be GM’s flagship assembly plant in our journey to an all-electric future,” executive vice president of Global Manufacturing Gerald Johnson said, as quoted by Fox Business. “The electric trucks and SUVs that will be built here will help transform GM and the automotive industry.”