The latest figures from PwC’s Strategy& report show sales of battery electric vehicles (BEV) continue to rise across the world. In particular, as early as 2024, every third commercially registered car in Germany could be a BEV.
The US BEV market grew by 64% in the first quarter of 2023 compared to the equivalent quarter in 2022.
An expected slow down in growth of BEV sales in China after the end of government subsidies at the end of 2022 impacted overall global sales, but BEV sales in China still grew by an impressive 15% in Q1 2023 vs Q1 2022.
In France, Germany, Italy, Spain, and UK, (the top 5 European markets) BEV sales grew by 26% in the first quarter of 2023 compared to the corresponding period in 2022.
This rising demand for electric vehicles and batteries means demand for critical minerals continues to rise. Our analysis for investors: