The race for electric vehicles is intensifying every day, with multiple announcements coming from legacy automakers as well as young entrants and technology groups.
The recent spike in gasoline prices has revived interest in battery-powered vehicles. That in turn has prompted carmakers, who face rising prices for raw materials such as nickel, to boost EV prices.
Nickel is a key metal in the development of the battery, which is the heart of an electric vehicle because it determines the car’s range and performance. The battery also factors into the safety and the longevity of the car as well.
All these factors, together with the shortage of microchips and the disruptions in supply chains, put electric vehicles beyond the financial reach of average consumers.
As TheStreet’s Kirk O’Neil recently wrote, based on the median salary of $51,480 before taxes for 2021 from the U.S. Bureau of Labor Statistics and the