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Understand the amount of lithium available in the world, how it is used in electric vehicle batteries and compare it with oil reserves to find out which resource will run out first.
We are currently going through a big change in the way we power our vehicles, swapping fossil fuels such as oil for electrical energy stored in lithium-ion batteries. But a question arises: which resource will run out first, lithium or oil?
To answer this question, we first need to understand lithium production and demand in the world. Global lithium production has increased significantly due to growing demand for batteries, used in everything from cell phones to electric vehicles. In recent years, annual lithium production has been approximately 80 to 90 thousand metric tons.
With current production of 17 million electric cars per year, these lithium reserves would last about 96 years
Known lithium reserves in 2022 were estimated to be between 88 to 98 million metric tons. This means that if we used all the lithium available for electric vehicles alone, we could produce around 1,6 billion electric cars, each using approximately 60 kg of lithium. With current production of 17 million electric cars per year, these lithium reserves would last about 96 years. If we consider the average useful life of batteries to be 8 years, this period would extend to 768 years, taking into account battery recycling.
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However, electric vehicle production is growing at around 15 to 20% per year. If one day we produce only electric cars, reaching 94 million units per year, lithium reserves could sustain production for 200 to 240 years, considering recycling and battery life.
Known oil reserves could be depleted between 2050 and 2060
Now, compared to oil, according to United States Energy Information Agency (EIA), known oil reserves could be depleted between 2050 and 2060. This means we have a much shorter time frame for continued oil use, even with the adoption of hybrid and electric technologies that can reduce fossil fuel consumption .
Therefore, looking at the current scenario, it is likely that oil will run out much earlier than lithium, making electric cars a viable option for much longer. The transition to electric vehicles is essential not only for sustainability, but also for longevity of resources that drive these vehicles.
