Russia’s MMC Norilsk Nickel PJSC is betting on artificial intelligence as part of a $100 million push to find additional uses for palladium as electric vehicles erode the metal’s main source of demand.Nornickel, the world’s biggest palladium producer, aims to create 1.7 million ounces of new annual consumption for the metal. That’s equivalent to almost a fifth of existing demand.

Platinum Group Metals (PGMs) fall under the category of rare metals, distinguished by their wear resistance and high-temperature resilience. Their primary application lies in the realm of automotive exhaust catalysts.

In 2023, the total global demand for platinum will be 7,770 koz. The demand from automobiles will be the largest, accounting for 2,975 koz or 38.3%, mainly used in the production of automotive catalysts.

According to SMM forecast, the total global demand for platinum in 2023 will be 7,770 koz, with a shortfall of 304 koz.