From CME Group:

Despite setbacks in the EV sector, EV penetration rates for new vehicles sold are at record levels. BloombergNEF forecasts 14.2m passenger electric vehicles sold in 2023, and even higher numbers for 2024. Manufacturers are targeting mass market clients, and decreasing commodity costs will benefit them.

EV sales growth in Asia extends beyond passenger cars, with a significant portion coming from two- and three-wheelers. Sales of electric two-wheelers in India increased by 50% from January to October 2023. This trend is expected to continue due to subsidies and an expanding infrastructure for battery swapping. Adoption of EVs in the commercial vehicles sector is also accelerating.



Read more: Battery Metals in 2024 – Five Key Themes to Watch