UBS upgraded its already rosy forecasts which were only made last November and the bank is now among the most bullish on EV penetration and battery raw material demand through 2030: EV adoption rate is upped from 17% to 20% by 2025 and from 40% to 50% in 2030 going from just over 3m vehicles last year to 46m Average battery size is forecast to increase from 47kWh to 94kWh in 2030 as full electric cars take over from hybrids and range requirements increase “Cost parity of BEV’s with ICE equivalents is now in sight”: Battery pack costs to ~$70/kWh by 2025 is achievable on cheaper cells and better pack integrationLithium-ion battery demand jumps 17-fold to 4,605 GWh by 2030 with energy storage making up around 6% of the total QUOTEStrong demand into the future underpins the industry
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