Electrical car gross sales hit new file in Q2
Regardless of provide shortages and excessive costs, many shoppers are flocking to EVs.Printed July 14, 2022
The variety of battery-electric autos offered within the U.S. set a brand new file within the second quarter of this yr, in response to knowledge launched Wednesday by Cox Automotive, a worldwide firm that owns Autotrader and Kelley Blue E-book amongst different manufacturers. Gross sales rose greater than 66% over the identical interval final yr to 196,788 autos. For the primary half of 2022, consumers snapped up 370,726 EVs.
The market share for pure electrical autos reached 5.6% within the second quarter, greater than double the two.7% they accounted for within the second quarter of 2021.
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“The market share for pure electrical autos reached 5.6% within the second quarter”… 94.4% of autos offered in Q2 2022 weren’t battery-electric autos. Nevertheless, the entire US gross sales of all BEV makes and fashions has lastly caught as much as US gross sales of Ford F-series pickup vehicles:
| F-Sequence | All BEV’s | |
| Q1 2022 | 140,701 | 173,938 |
| Q2 2022 | 158,644 | 196,788 |
| H1 2022 | 299,345 | 370,726 |
Technically, I ought to subtract 1,837 models from the Q2 2022 Ford F-Sequence complete to account for Ford Lightning gross sales. Though 98.8% of Q2 2022 F-Sequence gross sales had been nonetheless inner combustion engine (ICE) fashions.
The price of catching the F-Sequence?
We hold listening to claims that battery costs are plunging. That is fascinating as a result of the Federal Reserve Financial institution of St. Louis appears to color a unique image:
The 66% improve in gross sales of battery-electric autos seems to be accompanied by a reasonably sharp improve within the battery manufacturing producer value index. Might or not it’s that the uncooked supplies for batteries have gotten dearer as demand for batteries will increase?
Occasions, Developments, and Points: Excluding U.S. manufacturing, worldwide lithium manufacturing in 2021 elevated by 21% to roughly 100,000 tons from 82,500 tons in 2020 in response to sturdy demand from the lithium-ion battery market and elevated costs of lithium. World consumption of lithium in 2021 was estimated to be 93,000 tons, a 33% improve from 70,000 tons in 2020.
Spot lithium carbonate costs in China (value, insurance coverage, and freight [c.i.f.] North Asia) elevated from roughly $7,000 per ton in January to about $26,200 per ton in November. For fastened contracts, the annual common U.S. lithium carbonate value was $17,000 per ton in 2021, greater than double that in 2020. Spot lithium hydroxide costs in China (c.i.f. North Asia) elevated from roughly $9,000 per ton in January to about $27,400 per ton in November. Spot spodumene (6% lithium oxide) costs in China (c.i.f. China) elevated from roughly $450 per ton in January to about $2,300 per ton in November. Spot lithium steel (99.9% lithium) costs in China elevated from roughly $77,000 per ton in January to about $97,000 per ton in July.
In response to Buying and selling Economics, lithium carbonate costs have elevated greater than 400% over the previous yr.
Lithium carbonate costs in China moved sideways on the 475,500 yuan/tonne stage within the first half of July, remaining close to the record-high of 500,000 from March and 430% increased year-on-year as demand continued to extend. Information from the Shanghai Metals Market confirmed that demand for battery grade lithium carbonate elevated throughout July as downstream battery factories and auto producers elevated their working charges. On the identical time, battery producers reported decrease stock readings as uncooked materials purchases weren’t in a position to sustain with battery output. The upper output adopted the rewarding of money subsidies by native Chinese language governments together with Beijing, Shanghai, and Wuhan, for purchasers changing petrol automobiles with new EV purchases. The measures had been positioned to revamp exercise within the sector after demand for sturdy items plummeted through the strict Covid lockdowns, along with contributing to China’s purpose of chopping carbon emissions.
However, however, however… Nonetheless turning into extra financial than oil!
Possibly not… Whereas crude oil costs are much more unstable than the battery manufacturing producer value index…
Crude oil costs have had a flat linear development for the previous 20 years and the ratio of the worth indices of crude oil to battery manufacturing truly has a unfavorable development.
Oddly sufficient, the battery manufacturing producer value index kind of tracks the worldwide market share of EV gross sales.
However, however however… Save the planet!
