Florida professor says salt water could be key to keeping EVs in production

According to the International Energy Agency, Johnson is one of the millions of people who bought an electric vehicle in the last year. And the agency expects that this trend will continue to ramp up over the next 10 years. But Florida Gulf Coast University Finance professor, Dr. Tom Smythe told us that this growth comes with some growing pains for a key component of electric vehicle production. "Lithium prices have exploded over the last 9-12 months," he said, "And as long as that's the case, right now, the primary source of energy for those vehicles is lithium batteries. By definition, there is a limited supply and therefore prices are rising," Dr. Smythe said. To put it in perspective, between 2010 and 2021, the price of lithium essentially tripled from about $5,000 per metric ton to about $17,000—and it's still climbing. And if unchecked, he said this trend could lead to sticker shock for electric vehicle owners looking to replace their batteries down the line. https://wfts.tv/3xq6gHW