Raw material costs for electric vehicles more than doubled during the coronavirus pandemic, according to a new report Wednesday by AlixPartners, forcing automakers from General Motors and Tesla to start-ups like Lucid and Rivian to significantly raise prices on new vehicles.
Average raw material costs for an EV totaled $8,255 per vehicle as of May, up 144% from $3,381 per vehicle in March 2020, led by materials such as cobalt, nickel and lithium – all essential for the production of batteries used to power electric cars and trucks. EV-specific costs have increased to $4,500 from roughly $2,000 in the past two years, according to AlixPartners.
The cost increases aren’t limited to EVs: Raw material costs for traditional vehicles with internal combustion engines have also more than doubled during that time period to $3,662 per vehicle, up 106% from an average of $1,779 per vehicle in March 2020. That uptick is being led by increases in steel and aluminum.
…and will continue to rise over the next several decades. Fossil fuels work, are natural and in constant replenishment. Money should go to better refinement, better everything so we all prosper. Not the have and have nots with future electric cars.
Need new blood in CONgress who will impose term limits on themselves then on the supremes!
Was wondering. Sheetz gas stations are selling 88 octane almost a dollar less than the regular blends. 87/89/92/93. It has more ethanol and burns more clearner…..Way not move into that direction? Hello???
USA needs to go back to being self sufficient.
You go to a bar. You can get a mixed drink for one price; the same thing with 10% added water; or, with 15% added water. The cost will be high, less, or quite a bit less, respectively. As a side benefit the cheapest drink won’t make you as buzzy as the other two choices.
Ethanol blends provide less power and reduced gas mileage; YMMV depending on vehicle, driving habits, etc.
Ethanol as a diluting ingredient has its own set of undesirable side effects. It requires enormous quantities of water as part of the production process, and it uses large quantities of corn, etc that would otherwise go to food. Priced Frosted Flakes lately? Thank ethanol in part.
And let’s not even mention all the small engines and boating engines killed by ethanol laced fuel.
Gee, the savings just keep climbing!
Cool. Thx 205pm. Tried to do reading on it via Al Gore’s interwebs. Lots to digest and we all know what happens when the body doesn’t digest corn.
If its too good to be true, then….
Yeppers! Thanks