Electric vehicles — or EVs — are attracting customers at a far higher rate than first expected. Globally, the International Energy Agency estimates there may be 20 million EVs by 2020, and 70 million by 2025, explains Jim Powell, editor of Global Changes & Opportunities Report.

Although EVs will hurt most existing automakers, the new vehicles will be a boon for companies that supply the specialized parts the EVs need.

The list includes extensive wiring components, specialized computers, power management systems, EV instruments, and safety equipment — to name only a few. Many suppliers are already ramping up to meet the growing demand.

Batteries that can hold enough juice to make EVs practical are the most important contributors to their success. The keys to high-capacity battery technology are two rare, and expensive, metals: cobalt and lithium.

For cobalt I believe the best choice is still Glencore Plc (GLNCY), a company that I recommended in  January. Glencore now produces more than 20% of the global supply of cobalt. The scarce metal is up 120% so far this year to $72,750 a ton.

Glencore recently reported that it quadrupled its earnings in 2017, increased its dividend payout to

investors, and is on the lookout for deals in the global mining industry. I expect a long run of rising profits from Glencore.

Get Top Pros' Top Picks, MoneyShow’s free investing newsletter »

For lithium, the most important battery metal, I recommend Sociedad Quimica y Minera de Chile (SQM). The company had perviously only been earning a small part of its income from lithium.

However, due to the company’s efforts to produce more of the metal, and its rising price in the global market, lithium now accounts for 60% of the company’s revenues.

In addition, SQM is talking with Elon Musk at Tesla Motors (TSLA) to supply the vital metal for that company’s EV batteries. Since I also like the outlook for SQM’s fertilizer business — especially its potassium nitrate — I am now recommending the stock for long-term investors.

Electric vehicles use huge amounts of copper in their batteries, in their four drive motors, and throughout the other systems. The typical EV uses 180 pounds of copper vs. 18 to 49 pounds in a conventional car.

My top recommendation for copper continues to be Freeport-McMoRan (FCX). As with Glencore, Freeport-McMoRan’s quick rebound from the stock market correction reveals that it has a lot of underlying support.

Subscribe to Jim Powell's Global Changes & Opportunities Report here…