Global EV Battery Market Size Is Projected To Reach At $84 Million By 2025 as Demand Climbs

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Aug 17, 2021, 08:40 ET

PALM BEACH, Fla., Aug. 17, 2021 /PRNewswire/ -- Widespread global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in major cities have created a significant demand for electric vehicles (EV). The rise in petrol and diesel prices has added to the demand for fuel-efficient vehicles. This rise in fuel prices is due to depletion of fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. All these factors have cumulatively shot up the need for advanced fuel-efficient technologies, leading to a surge in demand for electrically powered vehicles for travel. Increasing global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in the major cities have created a significant demand for electric vehicles. A major factor behind the growth of electric vehicles is the support provided by the various governmental agencies to encourage the sale of these vehicles. This factor has driven the growth of the electric vehicle battery market globally. A report from Allied Market Research said that the global electric vehicle battery market is projected to reach at $84 million by 2025, growing at a CAGR of 17.2% from 2018 to 2025. Active stocks in the markets this week include XPeng Inc. (NYSE: XPEV), Spey Resources Corp. (CSE: SPEY) (OTCPK: SPEYF), Tesla, Inc. (NASDAQ: TSLA), Workhorse Group Inc. (NASDAQ: WKHS), Nikola Corporation (NASDAQ: NKLA).

The Allied Market report added: "The emergence of Lithium-ion technology has fueled the growth rate for batteries over the last two decades. While initial hybrid vehicles used Nickel Metal Hydride (NiMH) batteries, Li-ion batteries have been the primary solutions for automakers to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). High-energy density, charge retention capacity, and low maintenance are some of the benefits that have accelerated the growth of Li-ion as a battery technology. Automobile manufacturers introducing BEVs and PHEVs in the EV battery market are further enhancing the technology and are anticipated to offer Li-ion powered solutions as a primary power source in their vehicles. The growth of the EV battery market is driven by rise in the demand for zero-emission vehicles, decrease in the cost of the electric vehicle battery system, and increase in the global awareness regarding climate change."

Spey Resources Corp. (CSE: SPEY) (OTCPK: SPEYF) BREAKING NEWS: Spey Resources Begins Discussions With Several Battery Manufacturers & Automotive Companies For Potential Off-take Agreements - Spey Resources Corp. ("Spey" or the "Company") is pleased to announce that Phillip Thomas, Spey Advisor to the board and exploration project manager, has begun discussions with several battery manufacturers and automotive companies for potential off-take agreements.

"Since our lithium brine samples have arrived at the University of Melbourne, we expect that we will have produced a sample of lithium carbonate within the next 2 weeks. The lithium carbonate samples and analysis will allow the various companies we are in discussions with to consolidate their interest in a potential off-take agreement," stated Nader Vatanchi, CEO and director of Spey. Phillip who is based in Melbourne Australia has had significant experience in negotiations with off-takers for lithium carbonate and related products in Japan, Korea and China.

A large number of lithium battery producers and electric vehicle manufacturers are signing off-take agreements to ensure they or their manufacturers have continuous supply over the next decade. Ganfeng Lithium Co Ltd, Xinyu, China who borders Spey's project to the North on the Incahuasi Salar has signed agreements with prospective producers such as Tesla, Volkswagon, BMW and other car manufacturers. LG Energy Solution ("LGES") the largest producer of lithium-ion batteries for electric vehicles in the world, has also signed off-take agreements and supplies its products to top global OEMs. CONTINUED…. Read this release for the Spey Resources Corp. news at: https://www.financialnewsmedia.com/news-spey/

Other recent developments in the lithium/battery, EV markets include:

Tesla, Inc. (NASDAQ: TSLA) recently said that in the second quarter of 2021, we broke new and notable records. We produced and delivered over 200,000 vehicles, achieved an operating margin of 11.0% and exceeded $1B of GAAP net income for the first time in our history. Supply chain challenges, in particular global semiconductor shortages and port congestion, continued to be present in Q2. The Tesla team, including supply chain, software development and our factories, worked extremely hard to keep production running as close to full capacity as possible. With global vehicle demand at record levels, component supply will have a strong influence on the rate of our delivery growth for the rest of this year.

We successfully launched Tesla Vision in Q2, which was mainly possible due to our ability to use data from over a million Tesla vehicles to source a large, diverse and accurate dataset. Solving full autonomy is a difficult engineering challenge in which we continue to believe can only be solved through the collection of large, real-world datasets and cutting- edge AI. Public sentiment and support for electric vehicles seems to be at a never-before-seen inflection point. We continue to work hard to drive down costs and increase our rate of production to make electric vehicles accessible to as many people as possible.

Workhorse Group Inc. (NASDAQ: WKHS), an American technology company focused on providing sustainable and cost-effective drone-integrated electric vehicles to the last-mile delivery sector, recently announced that it has entered into a pilot program with the U.S. Department of Agriculture's ("USDA") Natural Resources Conservation Service ("NRCS") to demonstrate its ability to provide small Unmanned Aerial Systems ("sUAS") as a service to support NRCS efforts in Mississippi.

The NRCS is an agency of the USDA that provides technical assistance to farmers and other private landowners and managers by running voluntary programs and offering science-based solutions that benefit both the landowner and the environment. The NRCS conducts a daily wetland supervision process to audit the quality of drainage easements, dams, ponds, waterways, and various wetlands across thousands of areas of interest throughout the country. This process is currently conducted using satellite imagery as well as hundreds of employees to examine key checkpoints.

Nikola Corporation (NASDAQ: NKLA), a leading designer and manufacturer of heavy-duty commercial battery-electric vehicles (BEV), fuel-cell electric vehicles (FCEV) and energy infrastructure solutions, recently announced an expansion to its dealer network for its Class 8 truck sales and service coverage with the addition of Alta Equipement Group (NYSE: ALTG).

As a leading provider of construction and industrial equipment, Alta Equipment Group plans to represent sales and service locations in New York, New Jersey, eastern Pennsylvania and other select areas in the New England region that have a growing opportunity in zero-emission technology for Class 8 trucks.

XPeng Inc. (NYSE: XPEV), a leading Chinese smart electric vehicle ("Smart EV") company, recently announced that it will report its second quarter 2021 unaudited financial results, on Thursday, August 26, 2021, before the open of U.S. markets.

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 26, 2021 (8:00 PM Beijing/Hong Kong time on August 26, 2021). Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website.

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