Hyperdrive
Rocketing Metal Prices Threaten to Hinder EV Affordability
- Higher metal costs may delay EV batteries’ price parity: BNEF
- Lithium rallies after multiyear slump amid supply tightness
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A surge in demand for electric vehicles is sending the price of raw materials soaring, threatening to slow the push toward making cheaper batteries that are key to more widespread adoption.
Lithium, the mainstay for rechargeable power packs used in EVs, is roaring back after a three-year slump in prices, while cobalt surged about 57% last quarter. Nickel jumped to a more-than six-year high earlier this year on optimism about the clean energy transition, though fell in March on plans by a top Chinese producer to beef up its battery business.