The EV Boom to Bust$TSLA $NIO $RIVN $LCID $XPEV $NKLA pic.twitter.com/GhFZdabNVt
— Wolf of Harcourt Street (@wolfofharcourt) June 21, 2024
- Demand and Strain on the Power Grid:
- Over half of all new cars sold in the U.S. by 2030 are expected to be electric vehicles.
- However, this surge in EV adoption could strain our nation’s aging power grid, which was originally built for fossil fuels.
- Domestic electricity demand is projected to increase significantly by 2030 and 2035, driven primarily by the transportation sector’s shift to EVs.
- To accommodate this demand, we need major grid changes, including high-voltage transmission lines, distribution upgrades, and hardware for renewable energy integration.
- Lithium Industry Fallout:
- In 2022, demand for EVs surged, but it dropped by nearly 50% by the end of 2023.
- As a result, prices of essential materials like lithium and nickel (used in lithium-ion batteries) plummeted over 90%.
- Ford even eliminated 1,400 jobs at its Michigan lithium-ion battery plant due to slowing sales
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