Battery demand

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.

The growth in EV volumes will drive demand for expanded lithium-ion battery volumes.

1. Signatories to the Glasgow Declaration on Zero Emission Cars and Vans in 2021.

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

1. Source: Wood Mackenzie, September 2022
2. Source: IEA The Role of Critical Metals, March 2022