Energy

One of the few industries that did well amidst the coronavirus pandemic was the electric vehicles sector

Summary

Globally, the vehicle market didn’t do well in 2020, which is something that hadn’t been experienced for several decades. For instance, such a small number of vehicle sales has never been the case for Europe since 1985. On the other […]

Globally, the vehicle market didn’t do well in 2020, which is something that hadn’t been experienced for several decades. For instance, such a small number of vehicle sales has never been the case for Europe since 1985. On the other hand, the United States registered a 15% decline in the cars that left its showrooms. As for China, the drop wasn’t that big and was in the single digits, but it hasn’t been a paradise for this market for several years. As much as it is the largest car market in the world, the last three years have been tough.

Interestingly, electric car sales increased that same year. An excellent example was the EU, where the number was twice that of the previous years. Its final quarter registered up to 19% penetration whereas the total car sales were not less than 1.3 million. China’s number wasn’t far from that as well. EV Metal Index, a program by mining.com for tracking the battery metals’ value in passenger hybrids and electric vehicles, had a stunning record as well. Going by the newly registered EVs, December’s metal index was $512.2 billion. That broke the previous record and above all was twice the number of the same the previous year.

The high figure didn’t come as a surprise since that has always been the case towards the end of the year. There are always more cars registered in the last month than the rest of the year. However, the number was relatively high, which was a clear indication of the way the electric vehicle sector is snowballing. As a matter of fact, the total number of vehicles registered for half of the year 2017 is about twice how many were registered in the single month of December 2020.

In 2019, the same couldn’t be said, but that’s probably due to the coronavirus pandemic. If you were to compare 2019 and 2020, the latter registered a number that was 23% more than that of the former. The battery metals that were put in new vehicles in 2020 were worth about $2.64 billion.

On the other hand, the EVs battery capacity, in this case, those sold in December 2020, was more than 25 GWh which is a 98.5% year-on-year increase. The total number for the entire year was 130 GWh, and going by the 2019 figure, that’s a 40% rise. This information is as per the findings of Adamas Intelligence that tracks EV batteries demand. It keeps into consideration several aspects, including capacity, cell supplier, and chemistry.

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