Rising nickel prices, owing to the Russian invasion of Ukraine, have deterred Musk and other automakers’ dream of introducing affordable electric cars soon.
Tech billionaire Elon Musk has said that his electric car manufacturing firm Tesla and rocket company SpaceX are facing significant inflationary pressures in raw materials as well as logistics.
“Tesla and SpaceX are seeing significant recent inflation pressure in raw materials and logistics,” Musk said in a tweet on Sunday.
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He, however, said his companies “are not alone”, as the Ukraine-Russia conflict sent commodity prices to their highest levels since 2008.
Reports said that the rising raw materials costs have hampered Musk and other automakers’ plans to introduce more affordable electric vehicles (EVs).
Nickel has long been widely used in batteries, most commonly in nickel cadmium and in the longer-lasting nickel metal hydride rechargeable batteries, which came to the fore in the 1980s.
(With IANS inputs)
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