Electric vehicles may see a significant reduction in adoption after the coronavirus pandemic led to a significant increase in EV raw material costs. According to a new AlixPartners report, the cost of crucial electric vehicle inputs increased by more than 100% during the pandemic and subsequent lockdowns, forcing automakers such as Tesla and General Motors to hike the prices of their new vehicles.
The increased production costs are partly due to the increase in cobalt, nickel and lithium prices. These metals are currently quite rare in supply and…
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