A Chinese company has purchased the largest cobalt mine in The Congo
Anyone still having doubts about electric cars ever becoming mainstream should learn a bit about just how much capital and R&D investment China is making in this area.
China is already the world’s largest market for electric cars, 35,000 pure EVs were sold in 2015, a 200% increase on the previous year. There are five significant domestic brands which produce and sell large numbers of EVs and China, with no indigenous oil resources, sees the EV industry as a strategic priority.
The news that a Chinese company has purchased the largest cobalt mine in The Congo - cobalt is an essential ingredient to the manufacture of Lithium batteries - should come as no surprise. As this market expands around the world, the scramble to secure the commodities required to meet the surging demand for batteries will intensify.
We can expect to see Chinese EV brands appearing in western European markets in the very near future, their market share at the expense of conventional auto brands who fail to adapt.
Read the FT article here.