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.
“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 for metals used in EV manufacturing, Birch says. The Biden administration has proposed a $174 billion investment in the EV market. It is also pushing for an EV tax credit renewal. If that happens, it “could drive higher-than-expected demand,” says Pedro Palandrani, analyst at exchange-traded fund provider Global X. For key materials like lithium, which is used in batteries, “that’s one more tailwind.”
But as some metals look to benefit from EV growth, talk of a potential hit to demand for oil CL.1, -0.93% BRN00, -0.84% has climbed.
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