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Lithium prices have crashed by more than 80 percent while nickel and cobalt have declined by more than 40 percent.
EV demand has weakened, and some automakers may soon come under ‘extreme pressure as competition intensifies,’ the report stated.
President Biden’s goal of 100 percent EVs by 2040 ‘will never become a reality’ as EVs will remain more expensive than gas vehicles, report reads.
Prices are expected to rise by 2032 when automakers transfer the noncompliance penalties on to customers.
Oil industry insider David Blackmon notes the irony of diesel-powered Superchargers, and says rising EV use is a ‘huge problem’ for the US power grid.
The Biden administration is investing billions of dollars to boost domestic EV manufacturing despite lagging commercial success.
Energy Secretary Granholm’s EV trip turned sour in Georgia when a family was blocked from charging their vehicle for the sake of the entourage.
