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Bolivia possesses the world’s largest known lithium reserves, which are anticipated to be crucial to emerging sectors like electric vehicles.
Government officials have already constructed a state-owned facility that processes lithium to create, among other things, batteries for electric vehicles. The first electric car to be produced in Bolivia was created at the same facility in La Palca.
Despite Bolivia’s possession of the world’s largest lithium deposit in the Uyuni salt flats, its lithium batteries are manufactured elsewhere.
Bolivia has invested hundreds of millions of dollars on lithium mining over the past decade but has only produced a small amount of the battery metal, in part due to impurities.
In addition to lithium, other metals like nickel and cobalt, which Bolivia does not produce and would have to import, are essential for the production of batteries.
The Bolivia Electric Vehicle Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2022 to 2030.
Building tiny electric cars it thinks may be embraced throughout Latin America with locally made batteries, a Bolivian business is counting on the Andean nation’s push to extract the greatest lithium deposits in the world.
The business creates little, oddball vehicles that hold up to three passengers and have a top speed of 55 km/h (34 mph). However, Marquez notes that because to persistent traffic, the majority of drivers in Latin America do not travel long distances or at high average speeds.
Quantum hopes to export 500 more vehicles this year after producing only 1,500 so far, including cars and motorcycles.
