Electric Vehicles
Supply Snags Threaten EV Revolution, Top Toyota Scientist Says
- Carmakers with rising material costs are hiking EV prices
- Toyota sticks with hybrid bet as battery supply chains mature
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Surging battery prices and shortages of metals and materials are likely to last for some time, Toyota Motor Corp.’s chief scientist warned, trends that could weigh on the world’s embrace of electric vehicles.
The shift to EVs over the past decade has been driven by steadily falling battery prices, a dynamic that’s enabled plug-in vehicles to travel longer at costs approaching those of gasoline-powered cars. Now, manufacturers are running low on supplies of lithium, nickel and other key battery inputs, with trade frictions and the war in Ukraine exacerbating issues and forcing prices higher.