The Russian invasion of Ukraine has caused a rise in the prices of metals used in cars – from aluminum in bodywork to palladium in catalytic converters, to high-quality nickel in electric vehicle batteries – and it is customers are likely to pay the bill.
Rising commodity prices have raised concerns about the electric vehicle market as traditional firms and start-ups prepare to launch new models this year after overcoming problems related to chip shortages. .
In addition, geopolitical issues stemming from the invasion of Ukraine have affected factory operations in the United States and are making it difficult for raw material suppliers to list.
“Just when an easing of the semiconductor shortage was expected … the invasion has led to further disruptions in the supply of essential materials and a worrying increase in prices,” said Susannah Streeter, an analyst at Hargreaves Lansdown. Wells Fargo analysts said prices for nickel, a key material used in batteries, have risen 130%, while prices for cobalt, lithium and aluminum have soared between 16% and 88% this year.
Elon Musk’s advice to fight inflation
Elon Musk advised his followers on Twitter that it is better to own “physical things” such as houses and stocks, but adds that he will not sell his Bitcoin, Ethereum and Dogecoin holdings.
In a thread on inflation, Musk explained: “As a general principle, for those seeking advice in this thread, it’s generally better to own physical things like a house or stock in companies you think make good products than dollars when inflation is high.” high”.
He added: “I still own and will not sell my bitcoin, Ethereum or Doge.”
Source: Ambito
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