BUSINESS INSIDER: A mining tycoon has a $1 billion plan to release China’s chokehold on the global electric car race
5th February 2019
- Over the next 20 years, sales of electric vehicles are predicted to outstrip petrol and diesel engine cars.
- That has huge implications for the supply of metals that go into these vehicles.
- South African mining tycoon Brian Menell says China controls most of the supply for rare earth metals, lithium, and other important technology metals.
- He has founded TechMet to help challenge that dominance and says it could be a $1 billion company in five years.
By 2040, more people will be buying electric cars than traditional petrol and diesel engine vehicles, according to BloombergNEF data. That is good news for the environment, but the shift towards lithium-ion battery-powered cars has huge implications for a complex global supply chain that is currently dominated by China.