opportunity !!! Before the advent of EVs, the impact of autos on global nickel demand was negligible at just 1%-2%, he said. However, as a key component in lithium-ion batteries, nickel is central to the expansion of EVs, he said. With 55 kilograms (121 pounds) of the metal used in each vehicle, demand looks set to rise.
"We see nickel demand from EV batteries rising from just 194,000 [metric] tons in 2021 (7% of global demand) to 313,000 tons in 2022, and reaching 566,000 tons in 2025. By 2030 we estimate EV batteries will generate up to 1.5 million tons a year of nickel demand, representing 32% of global nickel demand,"
Meanwhile, supply of battery-grade, or Class 1, nickel is shorter than the lower-quality Class 2 nickel used in stainless steel. Lower-grade nickel can be converted into battery quality, but has a cost in carbon emissions, somewhat defeating the purpose of using battery-powered vehicles to move away from fossil fuel use.