Electric Vehicle Market Driving Nickel Demand

According to Deloitte’s global electric vehicle (EV) forecast, total EV sales will grow from 2.5 million in 2020 to 11.2 million in 2025, then reach 31.1 million by 2030 – representing approximately 32% of the total market share for new car sales.  Over the next 10 years, the EV market is projected to achieve a compound annual growth rate of 29%.

However, new discoveries of nickel sulfide deposits (currently the most reliable source for battery-grade class 1 nickel) have been rare, which could constrain class 1 nickel supply in the coming years.


“Please mine more nickel... Tesla will give you a giant contract for a long period of time if you mine nickel efficiently and in an environmentally sensitive way.”