How global raw materials' costs are affecting EV prices
Since January 2020, lithium prices have increased by over 700%, nickel by 250%, cobalt and manganese by 100%, and graphite by over 25%, according to industry research company Benchmark Mineral Intelligence.Lithium is the biggest concern among those in the industry. “Lithium supply is growing at less than half the pace of EV demand. It is THE bottleneck right now,” Simon Moores, CEO of Benchmark Mineral Intelligence, wrote on Twitter following Musk’s comment.
Demand for the raw materials is outstripping supply as governments in Europe, China and, to a lesser extent the U.S, both mandate and incentivise EV production. The cost of raw materials that go into a lithium ion battery, particularly the cathode side, now account for around 80% of the price of a cell, up from 40% in 2015. The billions that have flowed into gigafactories to make the cells haven't been matched upstream.
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