Skyrocketing Nickel Prices Could Make EVs More Expensive | Carscoops carscoops
notes Russia accounts for 5-6% of the world’s nickel supply and while nickel exports haven’t been targeted directly by sanctions, “shipping firms and traders [are] reluctant to deal in the nation’s resources.” However, that’s not the only issue as Russia is responsible for 17% of high-purity nickel production and that’s critical for electric vehicles.
Concerns about nickel existed before the war and CNBC noted some analysts warned that global demand for high-grade nickel could outstrip supply by 2024. The situation has gotten significantly worse since those warnings last fall, but there are alternatives such asthat don’t use nickel or cobalt in their cathodes. However, there are tradeoffs including lower energy densities.
How much of an impact this has on electric vehicles remains to be seen, but will largely depend on whether or not nickel prices continue to remain high. If they do, automakers and consumers will likely be stuck paying more for EVs.
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