- The cost of
raw materials needed to make electric vehicles is rising, CNBC reported. - The average cost in raw materials was around $8,255 per vehicle in May, the outlet reported.
The cost of producing electric vehicles soared in the last two years, with the price of the raw materials needed to build the
The average cost of raw materials — including the cobalt, nickel, and lithium needed to make EV batteries — was around $8,255 per vehicle in May, the outlet reported, citing AlixPartners' research.
That cost represents an increase of more than 140% from the $3,381 in raw materials it cost to make an electric car in March 2020.
High raw material costs come amid ongoing supply chain disruptions across the EV industry. The war in Ukraine has helped push prices even higher given $4
Many EV manufacturers are increasing the price of their cars, partly because of the rising cost of raw materials.
AlixPartners predicted the high costs would cause a lag in new product launches, but would not affect the growing number of EVs on the market, CNBC reported.
Interest in
According to the car-buying site $4, the average price paid for a new EV hit $60,054 in February. That price spiked to $60,984 in May, $4, citing Edmunds.