Tesla’s ‘Beast’ gives jolt to battery-metals demand as fleets move away from fossil fuels
London — Tesla’s plans to roll out an all-electric big-rig have given a fresh jolt to the outlook for battery metals that will go into powering the truck that founder Elon Musk is calling "The Beast". Banks, including Goldman Sachs, UBS and Bank of America, are already forecasting a surge in demand for battery metals, such as nickel, as sales of electric cars ramp up over the next decade. Usage could jump even higher if trucking firms start switching diesel fleets for battery-powered ones. "This is a game changer," said Anthony Milewski, chairman and CEO of Cobalt 27 Capital Corporation, an investment vehicle providing price exposure to a stockpile of cobalt, which has spiked in the past year in response to booming projections for usage in electric vehicles. "People have known electric trucks are coming, but I don’t think it’s been priced into the forecasts the banks are putting out." Nickel futures in London rose as much as 1.5% on Friday to $11,525 a tonne. The metal has risen abo...
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