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Surge in global electric car sales puts WA lithium miners in driver’s seat

UBS has lifted its expectations for global electric vehicle sales and upgraded its price forecasts for the battery commodities of lithium, graphite and nickel.

Analysts for the Swiss investment bank predicted 16.5 million electric vehicles would be sold in 2025, up from their previous estimates of 14.2 million units. The new figure represents a 16 per cent global penetration of electric vehicles by 2025.

“Electric vehicle sales have accelerated strongly in the second half of 2017 both in China, where changes to subsidies in 2018 are driving strong sales now, and in the rest of the world where global auto manufacturers have broadened their EV offering,” the analysts said.

“UBS’ latest consumer survey shows an increasingly positive attitude towards buying and owning an EV. We have raised our EV sales forecasts as a result and now project one out of every six passenger cars globally to be plug-in hybrid or full battery-electric by 2025.”

UBS said stronger demand for batteries would drive higher demand for battery commodities with tightening markets supporting prices.