Prices of nickel and other key electric-vehicle materials have skyrocketed as the Russia–Ukraine war has sparked supply worries, and could throw a wrench into the plans of Tesla Inc. and its rivals to launch cheaper cars, according to media reports.
What Happened
Nickel prices soared 62 percent on Monday to an almost 15-year high of over $40,000 a ton on the London Metal Exchange amid a historic Russia supply squeeze, as per data from Bloomberg News.Nickel is a key element in making lithium-ion batteries that power EVs.
