This year likely will be the first that electric-vehicle battery costs will go up, rather than continuing the steady decline that they’ve been on for more than a decade.
Supply-chain snags and shortages have kept auto prices higher and inventories depleted for the better part of two years. For EVs, however, there’s another layer of complexity, as makers are scrambling to secure lithium and other metals used in the production of EV batteries amid a renewed push to make them mainstream.
Edmunds gathers prices of vehicles sold through dealerships, so Tesla EVs are not included in those calculations as it sells its cars directly to consumers. China, the largest global EV market, “dominates the supply chain for the manufacture of lithium-ion batteries,” including the processing of minerals and raw materials, the Energy Department said in a recent note.
Mining capacity is expected to grow next year and in 2024 after industry investments, but “the industry may continue to be constrained in the long-term if additional mining supply does not ramp up,” Sekine said. “We are still scratching the surface as EV market share goes,” but there are two important changes, he said.
I'm definitely ready to sit at home on my ass
Yeah I can't wait to wait almost an hour to charge my vehicle so I can only drive it within my province and hopefully not have to replace my $25,000 battery. I also hope my prime minister doesn't shut off my car or drive me off the road for donating to a freedom convoy.
“Isn’t this great, slaves?”