Innovation in EVs seen denting copper demand growth potential

Tesla Model Y electric cars ferry CES attendees to convention halls in underground tunnels called the Vegas Loop during CES 2023, an annual consumer electronics trade show, in Las Vegas, Nevada, U.S. January 6, 2023. REUTERS/Steve Marcus/File Photoand rivals are being engineered for efficiency in a way that cuts copper content, changes that could limit demand growth for the metal as the next-generation of EVs hits the road, industry analysts say.

In a report this week, Goldman Sachs said EVs accounted for two-thirds of the global demand growth in copper last year. Goldman Sachs estimated copper in an average EV would fall to 65 kgs per vehicle by 2030 compared with an estimate of 73 kgs last year. The engineering changes include shifting to more compact batteries where cells do not have to be wired into modules, using thinner copper foil in battery cells and shifting to higher voltage systems that will require less wiring.

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