There are not enough minerals to make batteries to replace all the current cars with their current autonomy, but a change of transport paradigm could be feasible.
Obligatory remark: Let's also put the cars on metal rails instead of on asphalt to reduce rolling friction. And maybe instead of small cars, we could use large wagons or chains of those that could transport a lot of people at the same time.
What you really want, to replace private cars, is SkyTran: tiny cars for 1-2 people, suspended from metal rails (which have a maglev effect to eliminate friction altogether), that are completely autonomous and take riders directly to their destination within a metro area. Each one operates independently, so you don't have to worry about what other users are doing or waste time going to stations that aren't your destination.
IMO, it's shameful that we haven't done more to explore PRT (personal rapid transit). It could really revolutionize city and suburban life and eliminate the need for so many people to own cars, while also saving people so much time with commuting (since such a system, fully built-out, would have far higher capacity than our current road system).
More than enough reserves exist, in the ground. Particularly as new cell chemistries are using much less cobalt. It’s just there may not be enough production at current rates.
I’ve been floating this idea around for a bit in my head and I haven’t really thought about any serious problems with it. Main issue would be if people tried to pass in low-value batteries to the network but that could be fixed with a good serial numbering system