Why EV Battery Crisis May Be The Next 'Chip Shortage'
The price of Nickel, a critical component in the production of electric vehicle (EV) batteries, has hit a decade high. On the London Metal Exchange (LME), the three-month nickel contract jumped as much as 4.4 per cent to $22,745 a tonne on 12 January 2022, the highest since August 2011. The rise reflects a broader boom in the commodity market due to falling stockpiles of critical metals and a production increase of EV’s from car manufacturers.
With battery raw material prices soaring, the price sustainability of EV is under stress and has the potential to disrupt the transition to electric mobility which is a promising global strategy for decarbonising the transport sector. India is among a handful of countries that support the global EV30@30 campaign, which targets to have at least 30 per cent of new vehicle sales be electric by 2030.
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