Little more than a year ago, the rising cost of raw materials threatened the future of mass-market electric vehicle (EV) adoption, writes Max Reid, principal analyst at Wood Mackenzie. EV and battery producers couldn’t swallow the cost increases because of the industry’s razor thin or negative margins. Higher prices for consumers would crush hopes of reaching ambitious EV adoption targets set by the European Union – let alone global net zero ambition.
While some EV manufacturers, such as BYD, have performed well, others have struggled to maintain profitability at an affordable price point.
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