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EV Raw Materials Double in Price during Pandemic

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June 22, 2022—The price of raw materials for electric vehicles has more than doubled over the course of the pandemic.

According to a report from CNBC citing data from research firm AlixPartners, the cost of EV-specific raw materials needed for an average vehicle reached $8,255 as of May. That number is up 144 percent from March 2020, when those materials such as cobalt, nickel and lithium cost an average of $3,381 per vehicle.

The report attributes some of the price increase to the sheer number of new EVs hitting the market as OEMs try to meet electrification goals set by themselves and outside parties. AlixPartners predicts that will cause a forced slowdown of new EV launches as automakers begin to focus more on profitability instead of getting EVs to market as quickly as possible. 

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