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(Kitco News) - Five percent is the key number to observe when determining if electric vehicles are going to penetrate a market, said Phoebe O'Hara, Battery Raw Materials Analyst at Fastmarkets.
On June 21, 2023, O'Hara spoke to Kitco at the 15th Lithium Supply and Battery Raw Materials 2023 in Henderson, Nevada.
"Five percent is typically seen as a tipping point whereby electric vehicles enter mass consumption," said O'Hara. "When we see EVs become more than 5% of the total amount of vehicles sold, that's typically seen as a moment whereby consumers are taking up EVs at a pace similar to a commonly found petrol car."
O'Hara expects central and eastern Europe to pass 5%.
"We're seeing EVs become incredibly more commonplace around the world which is a huge boost
for demand and a lot of opportunity for the critical raw materials sector," said O'Hara.
Coverage of 15th Lithium Supply and Battery Raw Materials 2023 sponsored by Lindian Resources (ASX:LIN).
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