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EU EV sales forecast to double by 2020

The good news continues for battery material equities as the European Union has been told it needs to speed up its shift towards electric vehicles.
EU EV sales forecast to double by 2020 EU EV sales forecast to double by 2020 EU EV sales forecast to double by 2020 EU EV sales forecast to double by 2020 EU EV sales forecast to double by 2020

EU pushes for quicker EV shift

Staff reporter

EU Energy Union Commissioner Maros Sefcovic called for the step-change at a conference in Germany on Monday.

Moscow-based head of metals and mining research with VTB Capital Dmitry Glushakov said the top energy official's comments were supportive of VTB's case for EV growth.

Sefcovic had also stated that the EU might simplify the registration of electric vehicles, invest €11 billion (US$13 billion) in charging infrastructure and bring battery production back to Europe.

"We see EV sales in the EU more than doubling in the next three years (2020F vs. 2017F), although this is nothing ground-breaking," Glushakov said.

He said this was marginally positive for producers such as Russian nickel giant Norilsk Nickel, whose president Vladimir Potanin recently described the battery sector demand as the "most intriguing long-term growth story".