Automakers from Tesla to Rivian to Cadillac are hiking prices on their electric vehicles amid changing market conditions and rising commodity costs, specifically for key materials needed for EV batteries.
Battery prices have been declining for years, but that may be about to change. One firm projects a sharp increase in demand for battery minerals over the next four years that could push the price of EV battery cells up by more than 20%. That’s on top of already-rising prices for battery-related raw materials, a result of supply-chain disruptions related to Covid and Russia’s invasion of Ukraine.
