Battery materials cobalt\, nickel face supply crunch by mid 2020s: WoodMac

Battery materials cobalt, nickel face supply crunch by mid 2020s: WoodMac

Wood Mackenzie expects global electric vehicle sales with a plug to account for 7% of all passenger car sales by 2025, 14% by 2030 and 38% by 2040Reuters  |  July 24, 2019, 08:10 IST
Battery materials cobalt, nickel face supply crunch by mid 2020s: WoodMac LONDON: * Consultants Wood Mackenzie estimate electric vehicle (EV) sales including hybrid electric vehicles (HEV) were up more than 24% last year

* Wood Mackenzie expects global electric vehicle sales with a plug to account for 7% of all passenger car sales by 2025, 14% by 2030 and 38% by 2040.

* Battery materials -- cobalt, lithium and nickel -- could face a supply crunch by mid 2020s.

* Cobalt market will see an oversupply of intermediate products such as hydroxide until at least 2024.

* Battery sector will make up more than 80% of total lithium demand by 2030.

* Investment in new nickel projects is hindered by low prices, but needs to start now as mines can take up to 10 years to develop.