Copper Demand for EVs

Did you know that each electric vehicle (EV) requires around 200 pounds of copper? That means if all the passenger vehicles produced annually (86 million) were to go EV, it would require an additional 17 billion pounds of copper per year! That's a whopping 8.5 million tons or 47 million pounds of copper per day of additional demand.

But wait, there's more! EVs only consume a fraction of the total copper supply, and global copper inventories are on the brink of depletion. Goldman Sachs predicts that copper stockpiles could be depleted by the end of 2023, which could be a major problem as it takes around 8 years to open just one mine after clearing environmental regulations and obtaining approval from a board.

It's unlikely that new mines will be able to meet the growing demand for copper in time, but this is rarely discussed in green energy investor presentations. You certainly won't see any investigative reporting discussing the math from these sources. Keep these things in mind as we continue our journey towards a greener future!

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