Discover the famous quote from “Jurassic Park” that has gone popular as a meme. The brilliant mathematician Dr. Ian Malcolm lays a bombshell on the park’s designer, stating, “Life, uh, finds a way.”
exposing the strength of the free market economy in spite of the constant efforts of all kinds of central planners to make it difficult to understand and hide.
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In his attempt to transform the economy, President Joe Biden has encountered yet another challenge in his effort to replace conventional gas-powered internal combustion engines with electric automobiles.
The free-market economy, the main objective of the Biden administration, has surprisingly turned into the obstacle this time.
According to The Wall Street Journal, companies are scaling down on production growth due to rising costs for the minerals used in electric car batteries.
“The disruptions are threatening to deepen shortages of those materials in coming years and hit the brakes on the Biden administration’s timeline for weaning the country off gas-powered cars,” the Journal reported.
Anthony Milewski, CEO of Nickel 28, believes that the circumstances are “dangerous” for Biden’s plan.
“This situation is a bit dangerous because the mines aren’t going to get built,” he told the Journal. “We should be building those mines now and we’re not.”
By 2030, the Biden administration wants 50% of new car sales in the US to be electric.
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In the third quarter of this year, just 8% of newly purchased automobiles were electric.
There were already obstacles for new mining ventures to overcome, as the Journal described “local opposition, environmental concerns, red tape and other obstacles.”
“We continue to see production-expansion delays globally,” Paul Graves, the CEO of Livent, a lithium manufacturer located in Philadelphia, stated on a recent investor call.
Prepare for a sharp increase in the market for nickel, cobalt, and lithium! Over the next seven years, there is expected to be a considerable demand for these minerals. The problem is that manufacturers are being discouraged from investing in capacity expansion due to the present low prices. Come along as we explore the intriguing realm of mineral supply and demand.
The Journal emphasized the convoluted chronology that results from the protracted search for and mining of minerals.
Mineral prices are declining, which will lower the cost of EV batteries and pave the way for the development of affordable electric cars. This makes it possible for more customers to adopt electric cars.
Consequently, the increasing demand for electric cars will result in higher costs for the vehicles themselves as well as the necessary minerals needed to produce them. As a result, producers will be encouraged to grow in order to satisfy the rising demand.
The free market is always resourceful.
