Nickel prices climbed to an all-time high and could further increase the cost of electric vehicles (EV) and force automakers to cut earnings forecasts. Ride-hailing giant Didi became the latest Chinese tech company to enter consumer EV space; it plans to deliver an entry-level sedan next year. Shares of Nio closed flat in the company’s Hong Kong trading debut. Its listing follows the steps of Xpeng Motors and Li Auto. All hope to attract more investors in China amid growing financial market tensions between China and the US.
Soaring nickel prices cast shadow over Chinese EV players
As the price of nickel jumped to an all-time high since early March, auto industry insiders expressed concerns that an escalating Russia–Ukraine conflict could disrupt supplies of the metal, a key component of EV batteries. While watchers have differing views about the impact on EV adoption, most expect battery prices to remain high and to weigh on the margins of Chinese EV makers for the rest of the year.
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