Big Tech and Auto Battle for the World’s Cobalt Resources
MARCH 27, 2018
Cobalt demand will exceed supply by 42% in 2025 and 170% in 2030. Volkswagen recently announced plans to invest €34 billion ($42 billion) in battery-powered cars by 2022. In 2006, lithium-ion batteries consumed only 20% of the global cobalt supply. Ten years later, that number has more than doubled. It’s expected that market demand for the metal will increase to more than 120,000 tonnes per year by 2020 — 60% of which will account for battery production alone.