Minerals Play a Major Role in the EV Boom

In the next few years, you can expect to be seeing more and more electric vehicles (EV) on the road. More than 2 million EVs are expected to be sold in 2020 alone. The International Energy Agency projects more than 125 million EVs on the world’s roads by 2030.

Copper and other minerals like cobalt, lithium, iron and molybdenum are fundamental to the construction of EVs and their supporting infrastructure. As EVs and charging stations continue to become more widespread, a significant number of mineral commodities will be required to power this evolving technology.

According to a recent Reuters article, U.S. copper deposits have drawn more than $1.1 billion in investments from small and large miners alike as Tesla and other electric carmakers scramble to lock-in supplies.

As demand grows both for electric vehicles and the advanced batteries that make them possible, demand for the minerals and metals that are the building blocks of these cars and batteries is set to soar as well.

Take lithium, one of the key metals used to create rechargeable lithium-ion batteries that power electric and hybrid vehicles. Just one battery for a Tesla uses as much lithium carbonate as roughly 10,000 cell phones. And, copper is used in the electric motors, batteries, inverters, wiring and in charging stations because of its durability, malleability, reliability and superior electrical conductivity. A single electric vehicle can have up to four miles of copper wiring.

Now that the EV revolution is in full bloom, minerals and metals are more important than ever as new models and technologies are being developed.

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