The increasing demand for Tesla electric vehicles will sprout the need for component vehicle metal miners

The current prices for electric vehicles are a mark that the upcoming transition to clean energy is closer than we thought. With this trend, the EV raw material mining is projected to escalate as soon as Evs flood the market. 

The transition to Evs is one of the investment opportunities that will rock the market for the coming decade. For instance, Tesla is proud to be the leading car company in the EV industry for the past 14 months. Tesla has been escalating its market share with the highest production of Evs. Currently, the firm has over 600000 Cybertruck orders, another large order for Model Y, and other models. The firm reports that they will be building three facilities in three continents to meet the rising demand for their brands. 

Tesla’s financial reports indicate that they are on a fourth consecutive quarter of profit, crowning them fit to enter the S&P500. Other EV manufacturers and dealers are recording soar profits with the economy shifting from ICE cars to Evs. For instance, Nikola Corporation are operating at 285% and NIO Inc. At 250% in comparison to their last year’s value. One of the anticipated EV manufacturers to join these giants is Fisker. 

Lithium-ion battery manufacturers are sprouting globally to curtail the rising need for Evs. For instance, there exist over 100 Li-ion battery manufacturers, although some are under planning. With this trend gracing the auto industry, it is forecasted that there will be over 39 million Evs being manufactured annually at the homestretch of the upcoming decade. 

Consequently, battery manufacturing firms are gaining popularity and subsequent market share. Some of these firms include LG Chem with a 57% increase and the Chinese Contemporary Amperex Technology Co., with a 174% increase compared to last 2017’s values. 

The upcoming decade is going to witness a paradigm shift in the transportation sector. The demand for electric vehicle batteries will skyrocket, making elements like nickel, phosphorus, iron, and aluminum essential. The metals will help curtail the high demand for Evs since they are components in the construction of these cars. Another crucial element is copper, whose role is visible in wiring, charging facilities, and electric motors. Also, cobalt is efficient and reliable, but the challenge is its extraction has substantial negative impacts on the corrupt DRC. 

Finally, the EV market is steadily growing globally, and its battery manufacturing sister is preparing to tackle demand for batteries. Elon Musk, Tesla’s chief executive, reiterates that EV metal miners should furnish the EV makers with raw materials to open up the economies for a swift transition to clean transportation.