Putin’s invasion of Ukraine is an unexpected complication for efforts to wean motorists off gasoline and diesel fuel and switch to electric vehicles.
Carmakers have struggled to maintain production levels for over a year owing to a computer chip shortage that shows no sign of easing. Now in the aftermath of Russia’s invasion of Ukraine that sent oil prices surging, the auto industry’s efforts to ramp up electric vehicle output may be hampered by a spike in nickel prices–a metal mined in Russia and used for advanced batteries.Tuesday on the London Metal Exchange after the price shot up to more than $100,000 a ton.
Along with nickel, other metals the auto industry relies on including palladium–needed for catalytic converters–and lithium and cobalt which are also used for batteries also continue to rise. That will make it tougher to drive down the price of EV batteries even as the technology continues to improve.
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