Friday, 19 May 2017

China-led electric car boom shakes up metals market as cobalt sees 150% surge

Demand for cobalt has soared in the past year as investors expect inexorable growth in the global electric vehicle industry to generate a supply squeeze this year following several years of surplus production.

As recently as 2005, electric vehicles globally could be counted in the mere hundreds yet already by 2015 the number had swollen to 1.26 million, according to a report from the Organization for Economic Co-operation and Development (OECD) and the International Energy Agency (IEA) published in 2016.

And that's just the very beginning, with the supranational Electric Vehicles Initiative calling for an electric car fleet of 20 million by 2020 and the Paris Declaration on Electro-Mobility and Climate Change and Call to Action setting a global deployment target of 100 million electric cars and 400 million electric 2- and 3-wheelers by 2030.

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