Electric vehicle sales are accelerating and global EV market share is now well into the early adopters S-curve stage.
Ford, GM, Mercedes-Benz, and Volvo among OEMs committed to selling only zero-emission cars and vans by 2035-20401
Global lithium-ion battery capacity projected to rise FIVE-FOLD by 2030 compared to 2021.
Tesla opened first gigafactory in 2017, and today others are under construction/planned.
Outside of China, North America has seen the fastest growth of any region. It has added 11 gigafactories to its pipeline since mid-2021.
Growth in EV volumes will drive demand for expanded lithium-ion battery volumes.
Battery demand figures
compound annual growth rate in EV sales projected up to 20301
projected global lithium-ion battery capacity rise by 20301
of medium-term supply growth from more carbon intensive laterite nickel production2
2. Source: IEA The Role of Critical Metals, March 2022