Abstract
The sustainability of the transportation sector, particularly through the growth of the EV market, has become a critical issue for mineral-rich economies due to the role of key minerals like lithium in EV batteries. This study assesses how expanding lithium production affects the EV market in the top 10 EV markets from 2010 to 2022. Results show a 1% increase in lithium production is linked to a 0.58% rise in EV sales, driven by improved battery supply stability and lower costs. Technological advances in lithium-ion batteries boost efficiency and address range concerns. Additionally, a 1% increase in renewable energy generation leads to a 0.25% rise in EV sales, driven by a preference for eco-friendly transport. However, patent innovation has minimal immediate impact on EV sales, and urbanization negatively affects them due to congestion. Recommended policies include competitive tenders, green procurement, purchase subsidies, and green finance to enhance mineral markets and sustainable transportation.
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