Huge investments, soaring battery metals prices, an ongoing EV arms race… here are some news highlights from Q1 of this year:
- Tesla Still on Top: Record-breaking deliveries including over 310,000 vehicles shipped in Q1 alone.
- Massive Nickel Price Spikes: Nickel prices went up more than 30%, hitting levels not seen since 2007.
- BYD Passes the Gas Pump: Chinese automaker BYD shut down production of gasoline-only cars in March and went all-in on BEVs and PHEVs.
- GM and POSCO’s Big Quebec Play: General Motors teamed up with South Korea’s POSCO to drop $400 million on a cathode materials plant in Quebec.
- VW Grand Statements: Volkswagen promised another EV mega-push, laying out plans for six battery gigafactories across Europe and targeting sales of 1 million EVs in 2022.
- Rivian Rollercoaster: The EV truck startup got off to a rough start with production way below expectations, and a poorly timed price hike which they had to walk back.
- Ford Doubles Down on EVs: Ford split its business into two arms — one for traditional engines, one for electric.
- EV Sales Exploded: Global EV sales jumped nearly 80% year-on-year.
Anthony Milewski
Chairman, Nickel 28 Capital