Moody’s is calling a dire forecast on battery metal supply, estimating lowered electric vehicle growth in the near term.

According to a report published by Moody’s Investors Service, critical metals used to produced electric vehicles such as nickel, copper, cobalt, and lithium are estimated to be in short supply. It claims lithium, a key component, is also at risk of oversupply beyond 2019 if car production is not in line, threatening the prospects of established and junior lithium miners such as Albemarle, SQM, Lithium Americas, and Nemaska.

“Declining ore grades for copper, continued lack of investment in new mines, and the time required to bring new discoveries to production will constrain metal availability and, ultimately, the metal sector’s ability to meet growing demand from battery/auto makers, particularly in the near-term,” read the Moody’s note.

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“Given the time involved in making a greenfield investment decision and receiving necessary permits new nickel and copper mines will take at least 5–10 years, if not longer, to reach initial production ramp-up,” Moody’s added.

Moody’s forecasts also call for all-electric vehicle new vehicles sales to hit 8 percent by the mid-2020s and up to 19-percent by the end of 2020.

A subsidiary of Moody’s Corporation, Moody’s Investors Service provides research and risk analysis services across various sectors.