Over the last few weeks, both Tesla and Rivian have announced price increases on their electric vehicles. Ongoing supply chain issues deepened by the Russian invasion of Ukraine have raw materials such as nickel and cobalt further pinched. Many of these rare earth minerals are essential in creating the powerful batteries used to operate EVs. Still, other affected materials are needed to produce much-needed semiconductor chips.
Welcome to the party. Chinese EV maker Xpeng Inc announced Friday they, too, will be increasing prices on their EVs. Depending on the model, the increase will be between $1,500 and $3,000.
Peter Rawlinson, CEO of EV maker Lucid, said they would inevitably review their prices as the "great EV price hike" stretches on.
Telling it like it is - The battery is the most expensive part of an EV, and the cathode is the most expensive part of the battery. The cathode is made of cobalt, lithium, and manganese. It only gets nerdier and more expensive from there…