Published

Nickel Prices Zoom on Promise of Future EV Demand

The prospect of a massive shift to electric cars is fueling a surge in the price of nickel used to make the batteries that power them.
#hybrid

Share

The prospect of a massive shift to electric cars is fueling a surge in the price of nickel used to make the batteries that power them.

Prices have climbed 25% so far this year—including a 9% jump in the past two days—to a two-year high of about $12,800 per metric ton, Bloomberg News reports.

Analysts expect traders will continue to drive up the price because nickel sulfate is a critical ingredient in lithium-ion batteries, the present storage system of choice for EVs and plug-in hybrid powertrains.

No one expects a sudden spike in demand for EV batteries anytime soon. But with virtually every major carmaker declaring plans for new EVs and plug-in hybrids, forecasters expect nickel consumption will begin to surge by about 2020. Bloomberg predicts EVs will account for more than half of new-car sales worldwide by 2040.

RELATED CONTENT

Gardner Business Media - Strategic Business Solutions