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Electric vehicle market growth is a blessing for some metals — and not a big worry for oil

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Growth in the electric-vehicle market has been a blessing for metals like copper and lithium. It has also raised concerns about the long-term outlook for oil demand that some analysts say aren’t justified.

“The electric-vehicle industry has already had a noticeable impact on commodity markets, most notably supporting strong growth in the price of metals such as copper, platinum, and palladium, which are important to auto manufacturing,” says Cailin Birch, global economist at The Economist Intelligence Unit.

The global electric-car market saw growth of 41% last year, according to an International Energy Agency report. The strong momentum for electric cars has continued into 2021, and the market is “on track for a decade of strong expansion.”

“Newly announced plans from China…and the U.S. to boost their domestic manufacturing capacity in this critical sector will lend further support” in coming years to prices…

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