In 2022, the global value of battery metals in newly registered passenger electric vehicles (EVs) reached about US$26.9 billion, soaring by 232% year on year.

China, the biggest EVs market in the world, was under lockdown for most of 2022. Meanwhile, Europe, the second largest EVs market, faced the energy crisis due to the Russia-Ukraine war. Therefore, if the epidemic eases and the global economy resumes, EV demand will continue increasing.

As of 2030, the consumption of aluminum applied in EVs was forecasted to increase from 20 million tons in 2020 to 31.7 million tons. The copper demand would grow up from 1.8 million tons in 2021 to 3 million tons in 2025. Besides, last December, the consumption of nickel used for EV batteries hit a record high of about 28,000 tons, increasing by 40% year on year.