May 21, 2018—Shortages of cobalt pose a potential challenge to electric vehicle (EV) sales over the coming five to seven years, reported Bloomberg.

Investment in mines is required to avoid price spikes that could see cost reductions for lithium-ion batteries stall, according to the report.

EVs are forecasted to achieve cost parity with gasoline engine models in the mid-2020s. The long time to bring on new mines and the concentration of cobalt reserves in the Democratic Republic of the Congo mean there is a potential supply shock in the early 2020s, according to Bloomberg.