24 Jul Battery materials cobalt, nickel face supply crunch by mid 2020s -WoodMac
LONDON, July 24 (Reuters) –
- 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. (Reporting by Pratima Desai; editing by Louise Heavens)
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