Projections show a sharp rise in demand for battery minerals over the following four years could push the price of EV battery cells up by over 20 percent — exacerbating increasing prices resulting from supply-chain disruptions caused by COVID and the Russia-Ukraine conflict, CNBC reported.
Elon Musk’s Tesla has worked for years to lower the costs of its vehicles to promote a global shift to zero-emissions transportation. Yet it raised prices many times over the last year, including twice in March after Musk cautioned about “significant recent inflation pressure” in raw materials prices and transportation costs.
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The cheapest version of Tesla’s most affordable vehicle, the Model 3, begins at $46,990 in the U.S., up 23 percent from $38,190 in February 2021.
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Rivian, another American automobile manufacturer specializing in electric vehicles, declared in March that prices for their R1T pickup and R1S SUV would rise in prices effective immediately.
The RT1 jumped 18 percent to $79,500, with the R1S jumping 21 percent to $84,500.
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Rivian announced new lower-cost versions of both models, with fewer standard features and two electric motors rather than four, priced at $67,500 and $72,500 respectively, close to the original prices of their plusher four-motor siblings.
The adjustments raised eyebrows: At first, Rivian announced that the price hikes would apply to orders placed before March 1 and new orders, effectively doubling back to current reservation holders for more money. Yet two days of pushback later, CEO RJ Scaringe apologized and announced Rivian would honor the old prices for orders already placed.
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While smaller manufacturers appear to have been hit the hardest, global name brands like General Motors have also issued small raises in prices.
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The Cadillac Lyriq crossover EV rose in price by $3,000 on Monday to $62,990.
The price hike comes as Democrats tell Americans concerned with skyrocketing fuel prices to purchase electric vehicles.
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Throughout a White House event on “clean transit” in March, Transportation Secretary Pete Buttigieg and Vice President Kamala Harris announced precisely that.
“Clean transportation can bring significant cost savings for the American people as well,” Buttigieg stated.
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Harris announced: “Imagine a future, where the freight trucks that deliver bread and milk to our grocery store shelves and the buses that take children to school and to work, imagine all the heavy-duty vehicles that keep our supply lines strong and allow our economy to grow, imagine that they produced zero emissions.”
Biden’s Climate Czar John Kerry has stated, “we’re only gonna have electric vehicles if we meet our goal by 2035.”
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