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EV demand has implications for metals
Nickel facing strong demand pull from EV sector
Tesla’s focus on nickel is clear Class 1 Nickel Supply and Demand Outlook 2
kt
“Technically, our cells should be called nickel-graphite, because 2,500
the primary constituent in the cell as a whole is nickel.”
2,000
“Tesla will give you a giant contract for a long period of time, if
you mine nickel efficiently and in an environmentally sensitive
way.”
1,500
Elon Musk – Tesla CEO
1,000
Tesla Cathode Cost Breakdown 1 500
35% 25% 5% 35%
-
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
Nickel Lithium Cobalt Processing EV demand Stationary storage demand
Consumer electronics demand Non-battery demand
Flexible non-battery demand Production capacity
1) Source: Tesla Battery Day Presentation 2020
2) Source: BloombergNEF 3
