EV makers are scrambling to manage threats to supplies of key battery materials and the global supply chain following Russia's invasion of Ukraine.
Electric vehicle makers in the U.S. and Europe are scrambling to manage threats to supplies of key battery materials and the global supply chain following Russia's invasion of Ukraine.Russia supplies nearly half of the world’s palladium and roughly 10% of the market's supply of nickel, as well as large quantities of aluminum and copper — key ingredients in EV batteries.
S&P Global Mobility this week dramatically reduced its outlook for light vehicle production this year and the next. The firm also cut its Europe forecast by 1.7 million vehicles this year alone — including 1 million directly caused by the Ukraine crisis. "Our worst-case contingency shows possible reductions up to 4 million units for this and next year," S&P Global Mobility's Mark Fulthorpe said in a statement."Competitive total cost of ownership, which is the key metric for fleet operators, is heavily dependent on fuel prices," Michael Bakunin, a managing director in the Power, Renewables and Utilities practice at FTI Consulting, tells Axios.
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