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EV Makers Hike Prices Amid Skyrocketing Raw Material Costs, Rising Demand

The cost of raw materials used for electric vehicles more than doubled during the pandemic, with the price of cobalt, lithium, and nickel — all materials used for EV batteries — surging 144 percent since 2020. That uptick is being directly translated to price hikes for consumers. Stacy Noblet, an EV Expert and vice president at Transportation Electrification, joined Cheddar's Opening Bell to discuss how the supply problems coupled with demand have led to the sticker shock. "You kind of have a perfect storm for better or for worse. Even before the pandemic, the interest in electric vehicles was rising significantly with new models coming online," she said.
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