I'm not sure why, but they take the 2018 industry average of Nickel per EV as the basis for calcs, but then the Tesla average for cobalt.
If they took the Tesla average for Nickel as base case for extrapolation, Nickel demand would be 4x their calcs.
e.g. instead of 37M EVs x 14kg = 518,000,000kg/ (518,000t) divided by 2.3M = 22% of 2018 production.
it would be closer to 2,100,000t or 88% of 2018 production or roughly 4x what Indonesia currently produces
Pertinent market/industry news/articles, page-2692
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