Nickel demand will quadruple by 2050 as electric vehicles boom, says BHP exec (NYSE: BHP)
Global demand for nickel will quadruple in the next 30 years Since electric vehicles have almost completely replaced traditional cars, a BHP (NYSE:BHP) executives said at a conference in Sydney early Thursday.
Jess Farrell, BHP’s (BHP) chairman of the property of Nickel West.
~85% of the nickel sulfate produced at the Nickel West refinery in Western Australia has gone to the battery sector, up from just 10% six years ago, which had previously signed supply contracts with manufacturers Cars include Tesla, Toyota and Ford.
Farrell also said, according to Bloomberg, that BHP’s (BHP) The nickel business is poised to benefit from the Inflation Reduction Act, which includes measures to encourage US automakers to get more raw materials from friendly countries.
“Australian companies are well positioned becoming the partner of choice, recognizing our efforts to address ethical and environmental concerns, and Australia as the preferred country of origin for the goods,” said Farrell.
A BHP (BHP) The CEO said earlier this week that inflationary pressures will remain a challenge next year, but China will provide a stable source for commodity demand.