This Week In Electric Vehicles - Nickel Market Surges with Demand from EVs and Renewables

The global nickel mining market is projected to experience significant growth, driven by increasing demand from the electric vehicle (EV) sector and renewable energy applications. Forecasts indicate that the market size will expand from approximately USD 56.42 billion in 2025 to about USD 100.29 billion by 2034, with Asia Pacific and North America leading the charge due to favorable government policies and advancements in sustainable mining methods. Nickel, a critical component in EV batteries, is becoming increasingly vital as the EV market undergoes rapid expansion, evidenced by an anticipated 41% increase in global electric car sales. This trend underscores the strategic importance of nickel, prompting mining companies to adopt environmentally friendly practices and advanced technologies to meet rising demand.

In other market news, Ningbo Tuopu GroupLtd (SHSE:601689) was a standout up 10% and finishing the session at CN¥63.78. In the meantime, NIO (NYSE:NIO) softened, down 7.3% to end the day at $4.73. This week, NIO announced a strategic partnership with BASF Coatings to enhance cooperation in automotive coatings for its electric vehicles.

NIO's strategic growth through new models and international expansion aims to strengthen market presence. Discover more about NIO's ambitious plans and potential challenges in our detailed narrative.

In our Market Insights article titled "Automakers Caught In The Tariff Crossfire," we explored the impact of trade tariffs on the auto industry, highlighting the challenges faced by automakers, the slowing momentum in electric vehicle sales, and the potential opportunities amidst this uncertainty, which offers a foundational context for understanding current dynamics in the EV sector.

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• Ford Motor (NYSE:F) settled at $9.53 down 0.6%.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Sources:

• Simply Wall St
• "Global Nickel Mining Market Size Forecasted to Reach $100 Billion By 2034 as Demand for Electric Vehicles Rises" from FN Media Group LLC on GlobeNewswire (published 13 March 2025)

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