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Sogosohubidu201on Sep 22, 2019 8:11pm
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EV Copper Consumption to Grow 250 Percent by 2030: WoodMac
EV Copper Consumption to Grow 250 Percent by 2030: WoodMachttps://investingnews.com/daily/resource-investing/base-metals-investing/copper-investing/ev-copper-consumption-grow-woodmac/
A new report from Wood Mackenzie estimates that copper consumption is set to rise over 250 percent by 2030 with the implementation of 20 million electric vehicle (EV) charging points.
As the EV movement heats up, production of the commodities needed for their batteries and other components is also on the rise. This includes copper and metals like nickel and cobalt; as such, companies involved with the metals are getting their ducks in a rowbefore demand goes off the charts.
According to Henry Salisbury, a research analyst at Wood Mackenzie, copper is set to be the “cornerstone” of the EV revolution.