Electric vehicle (EV) uptake is gaining momentum and some forecasts expect EVs to account for half of all new cars sold by 2030. That would mean millions of EVs every year arriving on the road, and each one carrying a battery full of finite, precious metals. With pressure on the automotive industry to decarbonise, the quest is on to prevent these batteries from ending up as waste and embrace a more sustainable approach, from second-life applications to more effective recycling methods.
“We are only just beginning to consider what we should do with EVs going forward, because so much precious metal is used in producing their batteries,” says Arturs Smilkstins, Partner at Boston Consulting Group (BCG).
