We don’t need nickel from Russia. There is a critical need for nickel and other EV battery metals worldwide, but we don’t need to get it from Russia. In March 2022, Morgan Stanley’s Adam Jonas shared worries about Russia’s outsized role in the nickel supply chain for EVs.
CNBC’s Phil LeBeau then discussed the note from Jonas. Jonas noted that Ford announced a target of 2 million EV unit sales by 2026, and that this will require a lot of EV battery metals. The question he posed was where Ford would source all of these raw materials. LeBeau pointed out that everyone in the auto industry has been talking about this issue for quite a while.
“If you listen to all of the projections that we get out there, and it seems like we get a new one every three or four weeks from a different CEO in the auto industry around the world, it’s always a greater number of EVs that they plan to build by 2025 or 2026 or maybe even by 2030, and yet the supply is just not there, and today the focus for Adam Jonas is nickel.”
In the note, Jonas wrote that this wasn’t a question of capital near term — the issue is that no amount of capital would be able to create new nickel mines by 2024. LeBeau pointed out that just last week, Ford said it plans to increase the number of EVs that it has in production on an annual basis to two million per year by 2026.
For the rest of this article: https://cleantechnica.com/2022/04/15/we-dont-need-nickel-from-russia/