Categories: News

Petrol price is finally falling! But now the price of batteries for electric cars is exploding

We are curious what the prices of electric cars will do. Because it is almost inevitable that the price of lithium-ion batteries will rise sharply in the coming period. The price of nickel – an important metal in batteries for electric cars – has exploded at the end of last week: by 250 percent to 100,000 dollars for a ton. Trading has been halted on the metal exchange in London.

War in Ukraine causes nickel price explosion

The reason for the sudden increase is the war in Ukraine. Russia is the third largest producer of nickel after Indonesia and the Philippines. Incidentally, the price of nickel has been on the rise since the beginning of this year. As more and more electric cars are sold, the demand for nickel has risen sharply. So the supply was already tight. And now even tighter.

Lithium-ion batteries without nickel exist

Experts predict that demand for nickel will exceed supply by 2024. There are lithium-ion batteries without nickel. These so-called LFP batteries have a lower energy density and are therefore particularly suitable for cheaper models, where a large range is less important. Tesla uses LFP batteries in the base models of the Model 3 and Model Y.

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