Tesla Motors Inc. (TSLA), which has driven the automotive industry with battery-powered vehicles, is now reshaping the metal market.
Electric car manufacturers such as Tesla are consuming a large amount of lithium, a light metal. Because lithium is used to make lithium-ion batteries that drive electric vehicles, it is also called "white oil."
According to the latest data provided by Benchmark Mineral Intelligence, the price of lithium carbonate in the first quarter of this year was 47% higher than the average price in 2015. The data provider said lithium prices have risen 28% in 2015, where most other metals and commodity prices continue to slump.
There are no signs of a cooling down on this soft metal order. According to a report from Goldman Sachs Group Inc. (GS), lithium demand is expected to triple to 2050,000 tons by 2025, driven primarily by applications in the smartphone and electric vehicle industries.
Tesla is not the only customer of lithium, but the company's huge demand for lithium is attracting widespread attention.
The Palo Alto, Calif.-based company said on Wednesday that it expects to sell 500,000 electric vehicles worldwide by 2018, and sales will further increase to 1 million by 2020, partly because of its The Model 3 model will be available soon. The model is priced at $35,000 and is about half the Tesla Model S sedan. Tesla said the company has received orders for nearly 400,000 Model 3.
Delivering these orders will require a lot of lithium.
In addition, Tesla is also striving to become the world's largest producer of lithium-ion batteries, with its facility in Sparks, Nevada. Goldman Sachs estimates that a Tesla Model S car battery contains more than 10,000 lithium batteries in lithium.
Not only a lithium metal is feeling some analysts called the "Tesla effect." Aluminum demand may benefit from the development of so-called lightweight or alternative aluminum, which can replace steel to reduce the weight of the car, such as the all-aluminum body of the Tesla Model S.
The demand for copper as an electrical conductor may also rise. According to data from copper producer Mantos Copper, each electric car needs 60 kilograms of copper, four times that of a diesel-powered car.
At the same time, analysts say the demand for platinum and palladium may be weak. These two metals are mainly used in catalytic converters to filter emissions of diesel fuel, which is not useful in electric vehicles.
Another new technology, fuel cell vehicles, uses platinum as a catalyst to combine hydrogen and oxygen to generate electricity, which may boost platinum demand, but such cars are less popular than Tesla. electric car.
Even with huge demand from electric car manufacturers, some have warned that lithium may not be able to escape the oversupply that often plagues commodity markets. In response to the increase in orders, commodity producers will increase production to meet demand, which brings about oversupply.
Some industry executives said that lithium demand may remain strong in the next three to five years, but then there may be an oversupply in this market as new capacity goes online.
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