What's behind the EV price jump?

The average value of raw materials for EV’s is up 144% from 2-years ago.

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The rising costs to make an EV.
Welcome to the Know the Difference Minute for Wednesday, June 22nd.
If you’re constantly scrolling the Gas Buddy app, you might have considered jumping to the electric side. The president can suspend gas and diesel taxes, but you know better. Time for an electric vehicle?
If so, bring a big checkbook. On Friday, GM announced a $6,000 increase for the electric Hummer. Tesla, Rivian, Lucid and others are raising prices.
We get it. Everything costs more nowadays. The steel and aluminum in traditional cars are up over 100%, but EV batteries require raw materials like cobalt, nickel, and lithium—and the supply chains for those are fragile. The average value of raw materials for EV’s is $8,300 as of March—up 144% from 2-years ago. It’s to the point where Ford says the Mach E is no longer profitable.
I’m Dave Spano from Annex Wealth Management. That is your Know the Difference Minute.