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<blockquote data-quote="Weather Man" data-source="post: 16781975" data-attributes="member: 137766"><p><h3><a href="https://seekingalpha.com/news/3845711-high-battery-metal-costs-could-add-several-years-to-pursuit-of-cheaper-evs?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">Battery metal costs, shortages could add years to pursuit of cheaper EVs</a></h3><p><a href="https://seekingalpha.com/symbol/LIT?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain" target="_blank">LIT -0.99%</a>Jun. 04, 2022 8:45 PM ET<a href="https://seekingalpha.com/news/3845711-high-battery-metal-costs-could-add-several-years-to-pursuit-of-cheaper-evs?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments" target="_blank">31 Comments</a></p><p>Alarm is growing that high prices for battery metals such as lithium, cobalt and nickel <a href="https://www.bnnbloomberg.ca/bigger-battery-metal-costs-could-keep-electric-cars-expensive-1.1773048" target="_blank">could delay by several years</a> the timetable for electric vehicles to become as affordable as conventional cars.</p><p>Before prices soared during the past year, battery prices were not far from making upfront costs of EVs competitive with traditional cars without state subsidies, but that is starting to change, BloombergNEF said in a report this week, as battery pack prices are set to rise this year for the first time in more than a decade, and broader inflation could severely delay the point where average battery prices fall below $100/KWhr.</p><p>"Reducing battery pack prices to $100/KWhr is now an achievable goal with the emerging generation of battery chemistries and cell designs," BloombergNEF analysts said, but "if raw material prices remain elevated or climb further, this point could be delayed by several years."</p><p>ETFs: (NYSEARCA:<a href="https://seekingalpha.com/symbol/LIT" target="_blank">LIT</a>), (NASDAQ:<a href="https://seekingalpha.com/symbol/DRIV" target="_blank">DRIV</a>), (<a href="https://seekingalpha.com/symbol/IDRV" target="_blank">IDRV</a>), (<a href="https://seekingalpha.com/symbol/FDRV" target="_blank">FDRV</a>), (<a href="https://seekingalpha.com/symbol/KARS" target="_blank">KARS</a>), (<a href="https://seekingalpha.com/symbol/BATT" target="_blank">BATT</a>), (<a href="https://seekingalpha.com/symbol/HAIL" target="_blank">HAIL</a>)</p><p>Surging battery prices and shortages of metals and materials <a href="https://www.mining.com/web/supply-snags-threaten-ev-revolution-top-toyota-scientist-says/" target="_blank">likely will last for some time</a>, Toyota chief scientist Gill Pratt warned this week.</p><p>"The world has thought about this in too simple of a way," Pratt said of the auto industry's rapid shift to electric vehicles, warning "there’s going to be this crunch [of] not enough materials," and conditions likely will remain "hard" in the near- and mid-term.</p><p>According to data from Cox Automotive, the average price for a new EV in the U.S. jumped 16% Y/Y to more than $65K in April, and raw material costs may drive prices still higher.</p><p>Bank of America analysts said this week that demand for some of the metals used in electric vehicles, renewables and energy storage could <a href="https://www.wsj.com/articles/basic-materials-roundup-market-talk-11654084304" target="_blank">grow at a 40% annual rate by 2030</a>.</p><p>To meet demand growth, miners need to boost capital spending significantly to ~$160B/year by 2050, from an average of $99.5B annually today, BofA said.</p><p>There are some short-term signs of relief for EV makers, including <a href="https://seekingalpha.com/news/3844463-lithium-shares-sink-as-goldman-says-battery-metal-bull-market-has-peaked" target="_blank">falling lithium prices in recent weeks</a>.</p></blockquote><p></p>
[QUOTE="Weather Man, post: 16781975, member: 137766"] [HEADING=2][URL='https://seekingalpha.com/news/3845711-high-battery-metal-costs-could-add-several-years-to-pursuit-of-cheaper-evs?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']Battery metal costs, shortages could add years to pursuit of cheaper EVs[/URL][/HEADING] [URL='https://seekingalpha.com/symbol/LIT?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain']LIT -0.99%[/URL]Jun. 04, 2022 8:45 PM ET[URL='https://seekingalpha.com/news/3845711-high-battery-metal-costs-could-add-several-years-to-pursuit-of-cheaper-evs?source=content_type%3Areact%7Cfirst_level_url%3Amarket-news%7Csection_asset%3Amain#scroll_comments']31 Comments[/URL] Alarm is growing that high prices for battery metals such as lithium, cobalt and nickel [URL='https://www.bnnbloomberg.ca/bigger-battery-metal-costs-could-keep-electric-cars-expensive-1.1773048']could delay by several years[/URL] the timetable for electric vehicles to become as affordable as conventional cars. Before prices soared during the past year, battery prices were not far from making upfront costs of EVs competitive with traditional cars without state subsidies, but that is starting to change, BloombergNEF said in a report this week, as battery pack prices are set to rise this year for the first time in more than a decade, and broader inflation could severely delay the point where average battery prices fall below $100/KWhr. "Reducing battery pack prices to $100/KWhr is now an achievable goal with the emerging generation of battery chemistries and cell designs," BloombergNEF analysts said, but "if raw material prices remain elevated or climb further, this point could be delayed by several years." ETFs: (NYSEARCA:[URL='https://seekingalpha.com/symbol/LIT']LIT[/URL]), (NASDAQ:[URL='https://seekingalpha.com/symbol/DRIV']DRIV[/URL]), ([URL='https://seekingalpha.com/symbol/IDRV']IDRV[/URL]), ([URL='https://seekingalpha.com/symbol/FDRV']FDRV[/URL]), ([URL='https://seekingalpha.com/symbol/KARS']KARS[/URL]), ([URL='https://seekingalpha.com/symbol/BATT']BATT[/URL]), ([URL='https://seekingalpha.com/symbol/HAIL']HAIL[/URL]) Surging battery prices and shortages of metals and materials [URL='https://www.mining.com/web/supply-snags-threaten-ev-revolution-top-toyota-scientist-says/']likely will last for some time[/URL], Toyota chief scientist Gill Pratt warned this week. "The world has thought about this in too simple of a way," Pratt said of the auto industry's rapid shift to electric vehicles, warning "there’s going to be this crunch [of] not enough materials," and conditions likely will remain "hard" in the near- and mid-term. According to data from Cox Automotive, the average price for a new EV in the U.S. jumped 16% Y/Y to more than $65K in April, and raw material costs may drive prices still higher. Bank of America analysts said this week that demand for some of the metals used in electric vehicles, renewables and energy storage could [URL='https://www.wsj.com/articles/basic-materials-roundup-market-talk-11654084304']grow at a 40% annual rate by 2030[/URL]. To meet demand growth, miners need to boost capital spending significantly to ~$160B/year by 2050, from an average of $99.5B annually today, BofA said. There are some short-term signs of relief for EV makers, including [URL='https://seekingalpha.com/news/3844463-lithium-shares-sink-as-goldman-says-battery-metal-bull-market-has-peaked']falling lithium prices in recent weeks[/URL]. [/QUOTE]
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