General Discussion, page-1569

The auto industry is pouring more than $1 trillion into its shift from internal combustion engine vehicles to electric vehicles. According to Auto Forecast Solutions, electric vehicles could account for a third of the North American market, and about 26% of vehicles produced worldwide, by 2029.

In 2021, the U.S. produced 44 GWh of lithium-ion battery capacity. In 2022, an additional 500+ GWh of capacity was announced.

Europe is doing away with combustion engine cars. On Thursday, the EU Council and the European Parliament reached an agreement that effectively bans combustion engine cars and vehicles from 2035 onwards.

More precisely, the agreement – which is yet to be formally adopted and may change before that happens – targets a 55 percent CO2 emission reduction target for new cars and 50 percent reduction for new vans by 2030 (compared to 2021 levels), as well as a 100 percent CO2 emission reduction target for both new cars and vans by 2035.

The proposal is part of the EU's "Fit for 55 packages," which aims to reduce greenhouse emissions in the EU by at least 55 percent by the year 2030.

Lithium is most critical metal for energy transformation into new technology. Lithium is revolutionary element