• 2 days Legacy Automakers See Massive Spike In Sales
  • 3 days Tesla's Biggest Competitor Is Going Cobalt-Free
  • 4 days Stocks That Could Benefit From Biden’s $2.5 Trillion Infrastructure Plan
  • 6 days The Mafia Has Expanded Its Influencer Under COVID-19
  • 7 days How Fintech Will Get Skeptics Into Crypto
  • 8 days Monday Markets Rise On Stellar Jobs Report
  • 11 days Not Even Bribery Allegations Can Crush Cannabis Boom
  • 15 days Canada May Become Leader In Booming Battery Market
  • 16 days Nearly 42% Of All Amazon Reviews Are Fake
  • 17 days Kidnapping Is Big Business In Nigeria
  • 18 days COVID Fraud Amounts To Nearly $570M
  • 20 days Art Is Now An Algorithm
  • 22 days TikTok Threatens America, Tesla Threatens China
  • 22 days Small-Cap Energy Sectors With Big Upside
  • 25 days Coinbase Valued At $68 Billion Ahead Of IPO
  • 28 days 3 Stocks To Watch Amid AstraZeneca Covid Vaccine Snafu
  • 29 days Get Ready For First Tax Hike Since 1993
  • 32 days Tech Majors Bet Big On Clean Energy
  • 33 days Is This The Next Amazon Of Used Cars?
  • 34 days First Ever Tweet Attracts $2.5M Bid On Blockchain Platform
Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Industrial Metals

EV Metal Index Soars To Record Heights

Battery Metals

The MINING.COM EV Metal Index, which tracks the value of battery metals in newly registered passenger EVs (including hybrids) around the world fell back from the all-time high hit in September, but still recorded the third best month ever in October.

The index was not only boosted by the overall increase in EV sales during the month of 71% year over year, but also the relative outperformance of full electric cars and plug-in hybrids which saw the total battery capacity increase 122% year on year to nearly 14,000 MWh, according to Adamas Intelligence, which tracks demand for EV batteries by chemistry, cell supplier and capacity in over 90 countries.

Battery raw materials deployed in October retreated from the record-breaking tonnage recorded the month before, according to data from Adamas, but compared to the same month last year usage has more than doubled.

Tesla was number one in terms of battery capacity deployed, accounting for nearly 1 out of every 5 MWh hitting roads during the month and also led in use of lithium, nickel and graphite with Volkswagen beating out the California carmaker with the volume of cobalt used in its EVs following strong sales of the ID.3.

The modest month on month rise in prices of the four commodities making up the index supplied by Benchmark Mineral Intelligence, a battery supply chain and price reporting company,  was not enough to offset the decline in the use of the raw materials, resulting in a 10.5% month on month decline in the index to $281.6 million.   

Compared to the same month last year, the EV Metal Index surged over 80% and at $1.8 billion year-to-date, 2020 is likely to beat the record set last year as European sales of electric passenger vehicles reach a tipping point and the Chinese auto market continues to grow.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment