Attendees look at the all-electric Ford F-150 Lightning pickup truck at the Washington Auto Show in Washington on Tuesday, January 25, 2022.
Bill Clark | CQ-Roll Call, Inc. | Getty Images
The cost to produce electric vehicles is primed to surge over the next four years, according to a new report, the result of scarcity in key raw materials needed to make EV battery cells.
“The tsunami of demand is coming,” said Sam Jaffe, vice president of battery solutions at E Source, a research firm in Boulder, Colorado. “I don’t think the battery industry is ready for it.”
The price of EV battery cells has declined in recent years as production rose around the world. Battery cells currently cost $128…