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Electric vehicles to triple in 2 years.

[FortuneJim]

Electric Vehicles on the Road Are Set to Triple in Two Years

BloombergQuint - May 29, 2018

(Bloomberg) -- Teslas and Nissan Leafs are likely to become a much more common sight on the world’s roads in the next two years, the...

5. Cobalt and lithium demand is surgingCobalt and lithium are key ingredients in the rechargeable batteries that power electric vehicles

The global fleet of electric vehicles is likely to more than triple to 13 million by the end of the decade from 3.7 million last year, according to a report released Wednesday from the Paris-based institution, which was set up to advise industrial nations on energy policy. Sales may soar 24 percent each year on average through to 2030…The findings illustrate the speed at which the world’s transportation system is shifting toward cleaner fuels as governments focus on limiting pollution and greenhouse gases. ..Here are some of the key findings of the IEA’s report: China will remain the biggest market; EVs will displace lots of oil from the market; Governments will have to find new sources of tax revenue; At least 10 more giant battery gigafactories will be needed…Demand for batteries is expected to rise by a factor of 15 by 2030, largely driven by light-duty vehicles such as cars and vans. China’s burgeoning market is expected to make up half of the world’s demand, followed by Europe, India and the U.S. That means the world needs many more battery production plants like the Gigafactory that billionaire Elon Musk’s Tesla is building in Nevada…Buses are going electric too; Cobalt and lithium demand is surging…Cobalt and lithium are key ingredients in the rechargeable batteries that power electric vehicles as well as electronics from mobile phones to laptops. Demand could possibly rise tenfold, but technological advances and adjustments to battery chemistry could also significantly reduce this…Since about 60 percent of the world’s cobalt is mined in the Democratic Republic of Congo where child labor still exists, battery makers are under pressure to show that their products are made sustainably. This may provide an incentive to shift away from cobalt-heavy batteries.