Thread by @Asia_Financial

1/n Beijing is trying to go green. ♻️🇨🇳

The push for #ElectricVehicles is paying off as sales increased by 160% in 2021

But

This has created fears of shortages in key metals such as nickel, cobalt and lithium.

#China #GeoNews #Economics

2/n The China Association of Automobile Manufacturers reported that plug-in hybrid sales more than doubled to 600,000 units in 2021.

That compares to the 480,000 which were sold in the #USA in the same year.

#GreenPlanet #ElectricVehicles

3/n China's auto sector grew at a lukewarm rate of 3.8% last year.

And Beijing has been proactive in promoting electric vehicles and has extended subsidies that were due to expire in 2020.

The push for #ElectricVehicles in #China has led to a shortage of important metals.

4/n The availability of bagged briquette, used to make batteries for electric vehicles, has fallen 67%.

It's the same for the global #nickel inventory, which has fallen 65% in 2021.

Cobalt supplies too have suffered the double whammy of #coronavirus lockdowns in #Africa.

5/n Shipments from the Democratic Republic of #Congo, for example, account for more than 70% of the global #Cobalt supply.

#Lithium has also become far more expensive as supplies have been strained.

This is where #China comes in.

6/n According to the 2021 BP Statistical Review, China has 7.9% of the world's lithium reserves.

China has become the 3rd largest #Lithium producer in the world, outproducing the #USA in 2020.

How will this impact the world?

asiafinancial.com/surging-china-…