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Ford CEO Expects EV Materials Costs to Stay High

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2023 Ford F-150 Lightning.jpg

Aug. 12, 2022—Ford CEO Jim Farley on Wednesday said he expects the cost of raw materials for electric vehicles to stay high, a clear sign that automakers will continue to increase prices on their new EVs.

According to a report from CNBC, Farley's comments to reporters come just a day after Ford announced it would be increasing the price of its Ford F-150 Lightning by up to $8,500 depending on the model. Other automakers such as Tesla have also increased the prices of their EV offerings.

“I don’t think there’s going to be much relief on lithium, cobalt and nickel anytime soon,” Farley told reporters Wednesday.

Prices for those materials have risen steadily and sharply over the last year, as the surge in demand from EV battery makers has greatly outpaced efforts to increase supply.

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