Kirill Klip on the global market demand for lithium
Kirill Klip, CEO, President and Chairman of International Lithium Corp. (TSXV: ILC) in an interview with InvestorIntel CEO Tracy Weslosky discuss the demand for lithium in the electric vehicle industry. With a reference to a recent World Bank report, Kirill comments that “the demand for lithium for batteries could increase as much as 1000%.” He also states the International Energy Agency has a demand prediction of “600 million electric vehicles by 2040″ and that the International Energy Agency “will need to produce 36 million tons of lithium by 2040” to meet this demand.
Tracy Weslosky: Kirill I want to start by asking you about lithium and how it’s involved in the electric vehicle industry.
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Kirill Klip: Thank you very much Tracy for that introduction. You are correct. I am following very closely all developments in the lithium space. Today we have a blog busting news which finally do away all investment orders to the importance of lithium. World Bank now estimates the demand for lithium for batteries could increase as much as 1000%. This is real reason for excitement in our marketplace right now.
Tracy Weslosky: 1000%, over what period? What are we looking at because I noticed you were quoting the increase in electric vehicle demand to be has high as 600 million cars by 2040. What number are we discussing here?
Kirill Klip: You are correct Tracy. It’s not my number, but the number is 600 million electric cars expected by the International Energy Agency. This is the minimum amount of electric cars we need to have just to increase under 2%. I think we can reach a much larger amount of electric cars on our streets and, like you said, according to my calculations they will need to produce 36 million tons of lithium by 2040. I will give you just one reference point here. Today we are producing just close to 200,000 tons.
Tracy Weslosky: Kirill what I’m curious about is how much lithium is actually required in an electric vehicle battery.
Kirill Klip: It’s a great question Tracy. For example, if you take Tesla Model 3, which will become a blockbuster, with 400,000 people waiting just to buy this car, it will have a battery…from 60 kilowatt hours to 75 kilowatt hours. If it will take every 65 kilowatt hours you need 60 kilograms of lithium carbonate per car… to access the complete interview, click here
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