RE:This is why PGMs have a Strong Outlook From the studies I read comparing EVs and ICEs, total cost of ownership is about 1-2k/ann higher for EVs, but battery cost has fallen 75% in 5 years, so this gap may close soon. Economies of scale and infrastructure are part of this cost disparity, which favours EVs which have adoption momentum. Total emissions, life of vehicle, including materials and manufacturing, are 25% less for EVs. As the grid goes increasingly away from fossil fuels to renewables, this advantage should widen. EVs have higher water and human contact toxicity due to heavy metals and mining. It is not clear which way this will go, but handling, recycling and disposal practices will be critical. The lesser emissions are also shifted from cities to lower-density rural areas with power generation and manufacturing. Although air pollution migrates, cities should have considerably cleaner air. City folk rule the world, and want clean air. At 2 million vehicles globally, it seems pretty clear that the S-curve of EV adoption is accelerating upwards. As far as fuel cell vehicles, they have applications for warehouse and specialised vehicles, with growth potential for large vehicles such as buses. For small passenger vehicles, it looks for now they are DOA. PGMs will benefit from ICE catalyst growth, offset by EV market share gains. Fuel cells are a sideshow.