Global EV battery industry will be ‘sold out’ by 2025: BofA

global battery industry electric
Gulf
  • Date: 07/21/2021
  • Source: Yahoo News
  • Sector: Industrial
  • Country: Gulf

Global EV battery industry will be ‘sold out’ by 2025: BofA

Thomas Hum·WriterJuly 20, 2021, 1:13 PM·3 min readIn this article: symbol indicating a place to charge an electric car with energy in Catalonia SpainAccording to a Bank of America Global Research (BAC) report, there is a looming threat of the global battery supply for electric vehicles (EVs) running dry by as early as 2025.“Our updated EV battery supply-demand model suggests the global EV battery supply will likely hit [a] ‘sold-out’ situation between 2025-26, with its global operating rates reaching above 85%,” the report reads.The report states that BofA expects global battery shortages to intensify further in the period between 2026 to 2030 due to a continued rise in EV penetration across all markets, reflecting an "incrementally bullish" outlook for the EV industry. BofA Global Research lifted its estimated global penetrations for all EVs, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), to 23%, 40%, and 67% for 2025, 2030, and 2040, respectively.BofA Global research cited a higher likelihood of more stringent regulation on CO2 emissions for regular cars by 2030, increased BEV volume targets by major OEMs over the past six months, and upward revisions to EV