TechnologyMaterials to make electric cars cost twice as much...

Materials to make electric cars cost twice as much as a few years ago

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The prices of the raw materials needed for the production of electric vehicles have more than doubled in two years, a study by the US firm AlixPartners revealed on Wednesday.

The report indicates that materials such as cobalt, nickel and lithium, necessary to produce electric batteries, have increased by 144% since March 2020.

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As a result of this increase, the average price of raw materials for an electric vehicle (EV) now stands at $8,255 when it was $3,381 in March 2021.

The costs of specific materials alone have gone from $2,000 per electric vehicle to $4,500.

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The increase in the prices of these materials is widening the cost gap between electric and combustion vehicleswhich are also suffering from the increase in the prices of raw materials.

According to AlixPartners, the average value of the raw materials needed to produce a combustion vehicle now stands at $3,662 per car, $4,593 less than for electric ones.

In March 2020, the average price of raw materials used in cars with combustion engines, such as steel or aluminum, was $1,779.

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The AlixPartners report explained that the rising costs are the result of the rapid increase in the production of electric vehicles by the world’s leading car companies.

It is expected that by 2028, electric vehicles will account for 33% of global car sales and that by 2035 the proportion reaches 54%.

Last year, only 8% of all vehicles sold in the world were electric.

Between 2022 and 2026, the automobile sector plans to invest 526,000 million dollars for the production of electric vehicles.

Source: Elcomercio

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James
James
I have worked as a journalist for over 10 years and have written for various news outlets. I currently work as an author at 24 News Recorder, mostly covering entertainment news. I have a keen interest in the industry and enjoy writing about the latest news and gossip. I am also a member of the National Association of Journalists.

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