Electric car prices could go up even as fuel prices soar

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As costs for transportation fuel continue to rise, owners of electric vehicles (EVs) say now is the time to consider ditching gas-powered vehicles for good. Currently, the price-per-litre for regular unleaded self-serve is above $1.90 across the island In Ramea, Churchill Falls and Change Islands, that price topped $2.

On February 25th, nickel was trading on the London Metal Exchange for around $24,000 a ton. By March 8th, it was trading at $80,000 (down from a peak of over $100,000), and the London Metal Exchange had suspended tradings. When it comes to mining nickel, Russia isn’t a massive player.

Automakers are, of course, aware of nickel’s scarcity. Elon Musk, CEO of Tesla, tweeted that the EV company plans to shift its standard distance cars away from nickel-hungry lithium-ion battery cells. Calling nickel the company’s “biggest concern for scaling,” he said that Tesla will be moving to iron cathode tech, but it’s hard to tell how long that process will take. It also doesn’t help with the more desirable long-range models.

But, like energy policy, battery production and integration is a big shipfor automakers to turn around— if the prices of nickel and other metals stay up, it’ll be a race to switch to other tech before the shockwaves of higher prices and sanctions make their way through the supply chain. If automakers don’t make the shift quickly, it could put EVs even further out of reach for most Americans, at a time when gas prices are making them look better than ever.