Electric car prices could go up even as fuel prices soar

The pressure isn’t just at the pump. | Photo by Andrew Hawkins / The Verge

As US gas prices hit record highs in the wake of Russia’s invasion of Ukraine, it seems like electric vehicles may not be a safe haven for those looking to save money. That’s because Russia plays an important part in the production of the nickel that ends up in batteries used by many electric vehicles — a metal that’s rocketed up in price even faster than oil.

On February 25th, nickel was trading on the London Metal Exchange for around $24,000 a ton, according to The Wall Street Journal. By March 8th, it was trading at $80,000 (down from a peak of over $100,000), and the London Metal Exchange had suspended trading. There are a few reasons for the massive uptick in price — because it’s 2022, there are financial shenanigans involved, but...

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