Glencore CEO says electric car boom coming faster than expected

  • Glencore (LON:GLEN) (OTCPK:GLCNF, OTCPK:GLNCY) CEO Ivan Glasenberg says the rise of electric cars will significantly boost demand for minerals including copper and lithium in the coming decades.
  • Electric vehicles require more copper wiring than standard internal combustion engines; for example, the battery in an electric car contains ~38 kg of copper, 11 kg of cobalt and 11 kg of nickel, and Glasenberg says those materials, along with maganese, stand to benefit from more demand for electric cars.
  • European sales of alternative fuel vehicles, which include fully electric cars and hybrid vehicles, jumped 36% Y/Y during Q1 to more than 235K.

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