Europe is not the largest market for electric vehicles

Europe has now overtaken China - not so long ago responsible for every second electric car sold worldwide - as the largest EV market in the world. In the first seven months of the year, sales of electric vehicles (including plug-in hybrids) in Europe surpassed sales in China, hitting half a million thanks to a record sales of 53,000 units per month across the continent in July. This is even more remarkable when you consider that Chinese sales figures for so-called New Energy Vehicles (NEV) also include fuel cell and utility vehicles. July was also the first month of positive growth in China on an annual basis, with sales approaching 84,000 units - 48% year-over-year growth. However, when it comes to battery electric vehicles (BEV), China is still the leader in charging. According to market researcher Schmidt, 269,000 BEVs had been sold in Western Europe by the end of July 2020, compared to 373,000 in China. The MINING.COM EV metals index, which tracks the value of battery metals in newly sold electric vehicles used for passenger transport around the world, rose 64% in June after falling to its lowest level since January 2018 in April. The surge in raw materials used in June increased the value of battery raw materials that the index tracks in newly sold EVs to $ 184 million for the month. At $ 794 million since the start of the year, the index is still more than 25% below its 2019 level, although - as evidence of the youth of the electric vehicle market - it is almost double the value for the same period in 2017. Lithium and graphite prices fell again in June, albeit slightly, while nickel and cobalt prices rose 2.4% and 3.2%, respectively, compared to the previous month. Nickel sulfate index prices climbed back above $ 14,500 per tonne (100% Ni-based), while the sales-weighted cobalt chemicals used in the battery supply chain hit around $ 31,300, according to data from Benchmark Mineral Intelligence. The fall in Lithium Prices has been relentless - trading at just over $ 7,000 a ton in June, up from more than $ 11,600 in the same month last year and more than $ 17,700 in mid-2018.