Electric Vehicle Cost May Go Up Due To Russian Invasion

Russia’s invasion has has already made fuel prices go up, but electric cars will not be unaffected. The ever rising cost of raw materials is to blame, according to a new report published by S&P Global Mobility, which sees a clear link between the conflict and the the upward price trend of some elements that are vital for the construction of EVs.

The study, featured on Automotive News, is specifically talking about the materials necessary for the manufacturing of EV battery packs. Nickel is the most important out of these and since Russia is the world’s third largest supplier and the home of the world’s largest nickel producer, it also has control over the price (and availability).

Apparently the price per ton for nickel briefly shot up to $100,000 on March 8, more than three times what it was one day prior. Now it has dropped back to a more reasonable $37,115 per ton (accurate at the time of writing), but if we look at projections for the cost of nickel before the Russian invasion made by Capital.com, they expected it would hit $32,500 by the end of next year and $38,835 only in December 2025.

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