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BMW Says Its Battery Materials Demand Will Jump 10x by 2025
BMW AG tells reporters it is trying to finalize 5- and 10-year supply contracts for battery making materials as it readies a bevy of 25 electrified models by 2025.
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BMW AG tells reporters it is trying to finalize 5- and 10-year supply contracts for battery making materials as it readies a bevy of 25 electrified models by 2025.
The company tells reporters its consumption of cobalt for EV batteries will multiply tenfold by then. Other EV makers are in a similar predicament. Meanwhile, cobalt prices have more than doubled so far this year.
Bloomberg New Energy Finance calculates that a boom in EV production could push overall global demand for cobalt from less than 100,000 tons in 2016 to more than 450,000 tons by 2030.
Carmakers are rushing dozens of plug-in hybrid and all-electric models to market to meet fuel economy targets and government sales quotas over the next five years. But it isn’t clear how willing consumers will be to buy them.
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