Automotive consultancy LMC forecasts that global EV sales will reach 9 million in 2023 and 14.2 million in 2025.
Data shows there is enough nickel and lithium to produce 14 million electric vehicles (EVs) globally in 2023, so Europe must increasingly move away from oil to secure more raw materials, campaign group Transport and Environment (T&E) said on Tuesday.
In a study based on BloombergNEF data on the global maximum amount of EV battery-grade nickel and lithium, T&E said that would be enough to make 21 million EVs globally in 2025.
Excluding Russian nickel, T&E said there should be enough raw materials for 19 million EVs in 2025.
Global EV sales more than doubled to 4.2 million vehicles in 2021, from just over 2 million in 2020.
Automotive consultancy LMC forecasts that global EV sales will reach 9 million in 2023 and 14.2 million in 2025.
EV battery material prices have risen over the past year, with battery grade nickel breaking a fresh record after the Ukraine invasion as Russia is a major nickel producer.
Some analysts have warned of short-term battery-supply constraints as the auto industry rapidly ramps up production of zero-emissions cars, which could then lead to a slew of mining and battery plant projects coming online.
T&E said competition for lithium and nickel was fierce and that both China and the United States were working to ensure access to those raw materials.
Europe needs to follow suit and set up an agency to ensure a supply of “sustainably important metals”.
“While China and the US are flexing their policy muscles to secure supplies of the critical metals, European leaders are scouring the world for more oil,” said T&E senior director Julia Polisanova. “Now is the time to focus on sourcing sustainable raw materials to the continent for our energy independence and a greener future.”
(Reporting by Nick Carey; Editing by Mark Potter)
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