Despite the many challenges of 2022 – not least disruption caused by the war in Ukraine and soaring raw material prices – EV producers and their battery supply chain had a successful year and entered 2023 on a high, with EV sales and underlying CAM demand increasing by 150% in size during the last twelve months. Even though EV penetration had significantly increased by the end of the year, particularly in China, it remains a challenge for the industry in 2023 to sustain this high level of growth and to go further by scaling production across the value chain. We are expecting to see even more competition between producers in the endless race for market share, as cathode and precursor manufacturers try to find a balance between functionality, state-of-the-art technology, and acceptable prices for the customer.

This is a landing page hosting links (but not content) to the latest long-term outlooks, short-term outlooks and scenario analysis for the energy transition metals; cobalt, copper, graphite, lithium, nickel, rare earths, and cathode and precursors. We have also included a link to the metals cost curves tool and lithium and cobalt cost services at the bottom of the page. Contact alex.griffiths@woodmac.com or rowena.gunn@woodmac.com for more information. Similar landing pages available for bulk commodities and base metals.