Investors may want to pay close attention to copper stocks, such as CopperCorp Resources Inc. (TSXV: CPER) (OTCQB: CPCPF), Freeport-McMoRan (NYSE: FCX), Southern Copper Corporation (NYSE: SCCO), Teck Resources Ltd. (NYSE: TECK), and Turquoise Hill Resources (NYSE: TRQ).
After all, copper is an essential metal needed in EVs for the motors, batteries, inverters, and wires.
According to Zacks, “Usage of copper in EVs is up to 4 times more than in the conventional cars. Per the Copper Development Association Inc., traditional cars have 18-49 pounds of copper, hybrid EVs contain approximately 85 pounds and plug-in hybrid EVs use 132 pounds. While battery BEVs contain 183 pounds, a hybrid electric bus and a battery electric bus contain 196 and 814 pounds of copper, respectively.”
In addition, according to Goldman Sachs, copper demand could increase by up to 600% through 2030 with the electric vehicle and renewable markets exploding.