Car manufacturers are finding it increasingly pricier to manufacture electric vehicles (EV) as the costs of procuring lithium, one of the main components found in every commercial EV battery, has shot up almost 280 percent since the start of the year.
The demand for electric vehicles has pushed up demand for the metal, and supply has not been able to keep pace. Lithium is a vital ingredient for rechargeable batteries. The price hike will not only impact vehicles but also mobile phones and laptops.
