Global EV sales exceed three million units for first time ever; lithium seen rallying

Global EV sales exceed three million units for first time ever; lithium seen rallying
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KUALA LUMPUR (Nov 27): Global electrical vehicle (EV) sales exceeded three million units in the first three quarters of 2021, a run rate that put it on course to break four million units a year for the first time ever.

In its Just Auto report released on Nov 16, the Korea Automotive Technology Institute (KAII) said Hyundai Motor Group’s global EV sales rose by 67% to 159,558 units in the nine-month period, making it the fifth-largest EV maker in the world after Tesla with 625,624 units, followed by China’s SAIC Motor with 413,037 units, Volkswagen 287,852 units and China’s BYD with 189,751 units.

The KAII said South Korea ranked as the seven-largest market for these vehicles globally in this period, behind China with 1.76 million sales, the US with 272,554 units, Germany 243,892 units, the UK 131,832 units, France 114,836 units and Norway 84,428 units.

Lithium rally

Meanwhile, energy portal OilPrice.com said lithium is once again rallying as automakers go all in on EVs.

In a report on Thursday (Nov 25), it said demand for lithium is set to see a prolonged rally, prompting buyers to scramble to secure long-term contracts.

OilPrice.com said although China is leading the race for lithium, American and European companies are betting big on new production as well.