UK Set to Stockpile Rare Earth for EVs

The UK is exploring the creation of a national stockpile of rare earth metals for electric vehicles (EVs) to protect the country's access to important materials such as lithium and cobalt amid rising fears, according to foreign media reports.

It is reported that due to the limited content of major components such as lithium, nickel and cobalt, it is unlikely to completely meet current and future needs. Foreign media quoted British government sources as saying that the UK may establish a national inventory to avoid shortages.

The manufacture of electric vehicle batteries requires a series of rare earth metals, including lithium. About half of lithium mining comes from brine mining, and the rest is hard rock mining.

In addition, cobalt is also a critical raw material for manufacturing electric vehicle batteries. Its thermal stability and high energy density make it an ideal material for battery applications. However, its high price has become an obstacle to reducing the cost of electric vehicle batteries.

Currently, Panasonic and Tesla are seeking to develop a cobalt-free battery. It is reported that Panasonic plans to reduce the current cobalt usage rate of less than 5% to zero in the next few years. The company hopes to launch cobalt-free batteries within two to three years. This will not only reduce its costs, but also increase the company's ability to keep up with Tesla's ambitious plans for global expansion.

Panasonic has a long-term relationship with Tesla, which produces batteries for Tesla's electric vehicles and energy storage products. At present, the company has reduced the cobalt content in Tesla batteries to less than 5%. In 2017 and 2018, the shortage of cobalt caused prices to soar, which prompted Tesla CEO Elon Musk to work to reduce Tesla's dependence on cobalt.

In addition to rare earth, lithium and cobalt, nickel is also a key material for the UK to produce electric vehicle batteries for EVs. According to reports, Indonesia is eager to develop a complete nickel supply chain in the country, especially for refining battery chemicals, manufacturing batteries, and ultimately manufacturing electric vehicles.

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