Cobalt prices continue to rise on increasing demand for electric vehicles. Tesla (NADASQ:TSLA) remains a hot topic, and many investors are closely watching for the company’s next move — most recently, CEO Elon Musk confirmed that production of Model 3 cars will start on Friday (July 7), and should reach 20,000 units per month by December.
Mass production of lithium-ion batteries will be needed to power these electric cars, which are forecast to number 3.1 million in 2021, according to UBS (NYSE:UBS). And as demand for batteries surges, prices for metals such as cobalt are also expected to soar. In fact, Benchmark Mineral Intelligence analyst Caspar Rawlessaid recently that by 2020 cobalt demand will increase to 76,000 tonnes from 46,000 tonnes in 2016.
In light of those developments, investors interested in the cobalt space are growing more and more interested in cobalt stocks. To help provide a picture of which cobalt-focused companies are making progress this year, we’ve put together a brief overview of the three cobalt stocks on the TSX that have seen the largest share price gains year-to-date. Read on to learn what they’ve been up to in 2017.