War Effect: Rising prices for raw materials used in batteries will make EVs more expensive

- Lithium prices soar like spring: Cobalt and nickel prices also rise: Battery manufacturers start looking for new alternatives?

In the wake of the Ukraine-Russia war, trends in various markets and industries have been rapidly reversing recently. Crude oil prices in the world market recently reached a 17-year high. Petrol-diesel, gas, etc. prices have risen globally due to the rise in crude oil. Rising diesel prices in the US recently hit a record સાત 7 a gallon. The rise in petrol-diesel prices has also adversely affected the market demand for its vehicles and the stock market has recently come under pressure from various automakers in the country and abroad. However, in such an environment, market experts are showing the possibility of increasing the market size of electric vehicle EV sector vehicles. Globally, Tesla started making EV vehicles years ago and recently various vehicle manufacturers in the country and abroad have seen a rapid shift towards EV vehicle products. In the next 2-3 years, the market size of such vehicles is likely to increase significantly, market experts are showing. New investment has been made in the industrial sector of such vehicles. The market is also predicting an increase in the inclination of people towards EV vehicles instead of petrol-diesel, which is becoming more and more serious for the protection of the environment. However, such vehicles are still expensive at the present stage and there is still a need to increase the infrastructure for charging. Due to this, the market growth rate of such EV vehicles has been slow. In the wake of the recent Russia-Ukraine war, the prices of various battery inputs used in such EV vehicles have also risen sharply in the short term and this has also had an adverse effect on the EV vehicle industry and market.

Prices of battery making commodities and raw materials have risen sharply in the world market. In such an environment, new challenges have arisen for green energy vehicle manufacturers. Lithium, cobalt, manganese, nickel etc. are mainly used in the batteries of EV vehicles and the prices of most of these goods except manganese have seen a significant jump recently. Prices have been on the rise since the start of the 203 new year and have been boosted by the recent war effect, according to world market sources. Globally, lithium is produced exclusively in Australia, Chile and China. Also Argentina, Brazil, Portugal, Zimbabwe v. Lithium production is also found in countries. There are indications that the market price of such lithium has increased recently. Lithium carbonate prices have risen by about 20 to 5 percent since the beginning of the year! The market price of such lithium carbonate has recently risen to ૭૮ 3,200 to ૩ 500 per tonne. In the case of the Chinese currency, the yuan, such prices jumped to between 6 lakh and 7,000 yuan per tonne, world market sources said.