Electric car skeptics, heed this statistic: UK pure electric vehicles (EVs) sales surged almost 80% in May 2017. The commodities that power EVs appear in demand.
Okay, the EV numbers are modest, to say the least: 926 compared to 517 sold in May 2016. By comparison a total of 186,265 cars were registered in May, according to UK industry body the Society of Motor Manufacturers and Traders.
But there’s no doubting the trend. These are transformative numbers. In the US electric vehicle maker Tesla – valued at $51bn, which is more than Ford or GM – is fast-tracking its new Model 3 mass-market car, beefing up production and sales targets (while warning, also, on debt and capital spending).
Which commodities are set to gain from the EV surge?
Capital talked to industry experts who pinpointed three metals – lithium, nickel and cobalt. All are increasingly used in EV production and while their price trajectories considerably, all may bear examination longer term.