NSANY - Tesla and other electric vehicle players face commodities pressure cooker

Nickel prices (LN1:COM) have soared over the last few days to hit record highs above $101K per metric ton. In the latest development, the London Metal Exchange halted trading on nickel for the rest of the day. The price action is tied to concerns about supply from Russia, which is the third largest producer of nickel in the world. The higher prices for the metal is crucial for the electric vehicle sector with nickel used in batteries. Morgan Stanley estimated that the surge in nickel prices could add $1,000 to the input cost of a average electric vehicle. While Indonesia is an alternative sourcing option, the process to turn the nickel into the kind used in an electric car is trickier. Concerns about a nickel shortage in the future have already been in the background. Last year, the hunt for nickel by Tesla (NASDAQ:TSLA) led it to being listed as

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Tesla and other electric vehicle players face commodities pressure cooker