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Workers photographed at a lithium mine in Chile on August 24, 2022. Lithium is integral to the batteries that power electric vehicles.

John Moore | Getty Images News | Getty Images

Demand for the critical minerals key to a future centered around low and zero-emission technologies is surging, according to the International Energy Agency, with the energy industry’s ever-growing needs seen as a key driver.

In a new report published Tuesday, the Paris-based organization said the period between 2017 and 2022 saw a “tripling in overall demand for lithium, a 70% jump in demand for cobalt, and a 40% rise in demand for nickel.”

The IEA’s Critical Minerals Market Review said the main factor behind the increase was “demand from the energy sector.”

Investment in the development of critical minerals increased by 30% in 2022, building upon a 20% rise in 2021, the IEA said.

“Companies specialising in lithium development recorded a 50% increase in spending, followed by those focusing on copper and nickel,” it added, noting that firms in China nearly doubled their spending on investment last year.

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In Dec. 2022, the IEA said renewables were on course to overtake coal and become the planet’s biggest source of electricity generation by the middle of this decade.

Such is the role that critical minerals play in the operation of technologies including wind turbines and EVs, the stakes are high.

If all the projects planned for the critical minerals sector come to fruition, there may be enough supply to meet climate pledges announced by governments, the IEA said.

There are challenges ahead, however, with the risk of delays to projects as well as “technology-specific shortfalls” providing “little room for complacency about the adequacy of supply.”

In a sign of the huge task facing the planet, the IEA said more projects would still be required by the end of this decade in order to limit global warming to 1.5 degrees Celsius, a key goal of the Paris Agreement.

The market size for minerals crucial to the energy transition hit $320 billion in 2022, a doubling across the past five years. Start-ups in the critical minerals sector raised $1.6 billion last year, a record.

The record deployment of technologies like batteries and solar PV was, the IEA said, driving “unprecedented growth in the critical minerals markets.”

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Given their huge importance to low and zero emission technologies — lithium, for example, is integral to the batteries that power EVs — the development of sites that can mine and process critical minerals has a significant geopolitical aspect.

China, for example, leads the extraction of graphite and rare earths and the processing of lithium, according to the IEA’s analysis.

Despite this, the world’s second largest economy is still hugely reliant on another country, the Democratic Republic of the Congo, for mined cobalt.

Overall, the IEA’s report said there had been limited progress when it came to the diversification of supply sources in the past few years, adding that “the situation has even worsened in some cases.”

Citing its analysis of project pipelines, the IEA said there were signs of a “somewhat improved picture” for mining, but added that refining operations were a different story.

“The majority of planned projects are developed in incumbent regions, with China holding half of planned lithium chemical plants and Indonesia representing nearly 90% of planned nickel refining facilities.”

The sustainability credentials of the entire critical minerals industry needs work, too. The IEA said water withdrawals had nearly doubled between 2018 and 2021, while greenhouse gas emissions were stubbornly high.

“At a pivotal moment for clean energy transitions worldwide, we are encouraged by the rapid growth in the market for critical minerals, which are crucial for the world to achieve its energy and climate goals,” Fatih Birol, the IEA’s executive director, said.

“Even so, major challenges remain,” Birol added. “Much more needs to be done to ensure supply chains for critical minerals are secure and sustainable.”

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Meet Cadillac’s new $80,000 Lyriq-V, the quickest Caddie (EV or gas-powered) so far

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January 23, 2025

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Meet Cadillac's new ,000 Lyriq-V, the quickest Caddie (EV or gas-powered) so far

Cadillac-Lyriq-V-EV

With 615 horsepower, the Cadillac Lyriq-V is the quickest Caddie to date. Cadillac’s first V-Series EV will outsprint a CT5-V Blackwing, and it can be yours for under $80,000.

The 2026 Lyriq-V EV is the fastest Cadillac ever

We knew it was coming soon. Cadillac teased the Lyriq-V for the first time in late October, giving a sneak peek at its first electric V-Series vehicle.

Cadillac’s performance brand is known for iconic sports cars like the CT5-V Blackwing, but the new EV pushes the “V-Series sub-brand to new heights,” boasted John Roth, vice president of Global Cadillac.

As the first EV to wear the V-Series badge, Cadillac promised the Lyriq-V would be powerful, but we didn’t know it would be this fast.

Cadillac officially introduced the 2026 Lyriq-V on Thursday, revealing additional specs, prices, and more. With an estimated 615 hp and 650 lb-ft of torque and a standard dual motor AWD powertrain, the EV is expected to accelerate from 0 to 60 mph in just 3.3 seconds, making it the quickest Cadillac to date.

Cadillac-Lyriq-V-EV
2026 Cadillac Lyriq-V (Source: GM)

At that speed, it would outrun the Cadillac CT5-V Blackwing with a 0 to 60 mph sprint time in 3.4 seconds. Although the CT-5 packs slightly more horsepower (668 hp), the Lyriq-V’s EV powertrain unlocks more powerful, instant acceleration.

The added power is enabled by an added Velocity Max feature, which “unleashes the vehicle’s full performance capability” with a surge of power and acceleration.

Cadillac-Lyriq-V-EV
2026 Cadillac Lyriq-V (Source: GM)

Interior and exterior design, prices, and features

The V-Series model differs from the traditional Lyriq with a lower center of gravity and custom front and rear bumpers. It also features V-Series badging on the rear doors and tailgate, V-pattern mesh on the lower grille, and 22″ wheels with the logo etched into the side.

Inside, the performance EV borrows features from the Lyriq, such as a panoramic fixed glass roof, a 23-speaker AKG sound system, and a massive 33″ LED display screen.

Cadillac distinguishes the V-Series from the traditional Lyriq by adding the V-Series logo, a V-mode button, and a sports rim with hand grips. Other unique features include a custom infotainment experience with a “V-Series persona,” a signature V-Series illuminated sill plate and V-pattern detailing on the seatbacks.

A 102 kWh battery pack is expected to provide a range of up to 285 miles. The 2026 Cadillac Lyriq-V starts at $79,990, including the destination fee.

Cadillac-Lyriq-V-EV
2026 Cadillac Lyriq-V (Source: GM)

In comparison, the Tesla Model Y Performance starts at $51,490 and has an EPA-estimated range of up to 277 miles. It also includes AWD and can accelerate from 0 to 60 mph in 3.5 seconds.

Cadillac’s new performance EV will be sold in the US, Canada, Australia, and New Zealand. Other markets will be announced closer to launch. GM will begin producing the new Lyriq-V at its Spring Hill, TN, manufacturing plant in early 2025.

What do you think of the Cadillac’s new performance EV? Would you buy one for $80,000? Or are you sticking with the Model Y Performance? Drop us a comment below to let us know.

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Trump says he will approve power plants for AI through emergency declaration

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January 23, 2025

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Trump says he will approve power plants for AI through emergency declaration

U.S. President Donald Trump makes a virtual address to the World Economic Forum in Davos, Switzerland, on Thursday, Jan. 23, 2025. 

Bloomberg | Bloomberg | Getty Images

President Donald Trump said Thursday he will approve the construction of power plants for artificial intelligence through an emergency declaration.

“We’re going to build electric generating facilities. I’m going to get the approval under emergency declaration. I can get the approvals done myself without having to go through years of waiting,” Trump said in a virtual address to the World Economic Forum in Davos, Switzerland.

“They can fuel it with anything they want, and they may have coal as a backup,” he said of the plants.

The president declared a national energy emergency on Monday, directing federal agencies to use whatever emergency authorities they have at their disposal to expedite energy infrastructure projects.

Power demand from artificial intelligence data centers is forecast to surge in the coming years. The tech companies building the centers that support AI have primarily focused on procuring renewable energy to meet their climate goals, though they have shown a growing interest in nuclear power to meet their growing energy needs.

While the tech sector has focused on carbon-free power to meet their climate goals, analysts believe natural gas will play a pivotal role in powering AI because it’s in plentiful supply, is more reliable than renewables and can be deployed much faster than nuclear.

Trump said he wants power plants to connect directly to data centers rather than supplying electricity through the grid.

“You don’t have to hook into the grid, which is old and could be taken out,” Trump said. This setup, called co-location, has faced opposition from some utilities who are worried about losing fees and have warned taking power off the grid could lead to supply shortages.

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Tesla announces giant price hikes to all electric cars in Canada

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January 23, 2025

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Tesla announces giant price hikes to all electric cars in Canada

tesla earnings cars

Tesla has announced some important price hikes across its entire lineup in Canada amid incentives going away and a struggling Canadian dollar.

The Canadian EV market is already having problems amid announcements that the federal incentive program will be eliminated. The same thing is happening to Quebec’s own program, which was the most generous in the country—making the province the leader in EV adoption in Canada.

Now, Tesla, which sells more EVs than anyone in Canada, announced that it is increasing prices on all its lineup.

Here are the price increases for each Tesla model:

  • Model 3:
    • Long Range RWD: $4,000
    • Long Range AWD: $8,000
    • Performance: $9,000
  • Model Y: $4,000
  • Model S: $4,000
  • Model X: $4,000

Buyers can still get $1,300 CAD off of new Model Y, Model S, or Model X purchases with a referral code.

Tesla never comments on price changes and therefore, we don’t know the official reasons for these specific price increases, but we can make some educated guesses.

First off, the Canadian dollar has crashed in comparison to USD over the last few months:

Furthermore, the timing of announcing that the price increases will take place on February 1st has led some to link this to the upcoming tariff wars that President Trump signaled against Canada.

The US President said that he plans to impose 25% tariffs on any goods coming from Canada, and Canada said that it would retaliate.

Electrek’s Take

Obviously, this is not good for the EV market in Canada.

The removal of incentives is already hurting the market, and now the base price of the most popular EVs in the country, Tesla vehicles, is also going up before incentives.

This will be a bad year for EVs in Canada.

Hopefully, things will settle down and we will get more clarity once the tariff war actually starts.

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