Supply chain problems, shortages, and rising prices are affecting the economy across the board, and base metals used for the workings of so-called green energy boondoggles are not immune. The price of nickel, for example, is a component for electric batteries and its market price is soaring. Ironically enough, Russia is its main supplier. From CNBC:
“Nickel is a critical ingredient in the lithium-ion battery cells used in most electric vehicles sold in — and planned for — the U.S. market. Its abrupt price surge has analysts and investors raising hard questions about automakers’ ambitious electric-vehicle programs.
Morgan Stanley auto analyst Adam Jonas has been among the loudest voices raising concerns. In a note published Monday, he said: “As of this writing, nickel is up 67.2% just today, representing around a $1,000 increase in the input cost of an average EV in the U.S.”
Jonas wrote that investors should reduce their expectations for automakers’ earnings, and for electric-vehicle sales penetration over the next few years, as nickel’s abrupt price surge could undermine the ambitious EV plans put forth by global automakers including General Motors and Ford Motor.”
In an interview with CNN, the man who engineered the battery for the first mass produced electric vehicle that was made by General Motors’ , the EV1, named Bob Galen reveals the complications with other battery contents as well. Galen also points out that the U.S. will not utilize it’s own vast and ample resources despite Biden’s stated commitment to reduce reliance on fossil fuels. From CNN:
“Galyen said he’s struggled to get the United States to create a long-term plan for electric batteries, instead watching as priorities shift depending on what political party holds the White House. The Biden administration has pushed for electric vehicles, yet halted mining projects in Arizona and Minnesota that would boost domestic supply of electric vehicle materials.
“We have neither the raw materials nor the manufacturing capacity,” Galyen told CNN Business. “If the wrong country goes to war with us, we don’t have enough batteries to support our military.””
One other interesting observation was also made by The New York Times, in which the Gray Lady points to Greenland as one of three other places (the others being Canada and Minnesota) that is abundant in resources and could adequately support the construction of electric vehicles. Oddly enough, Donald Trump proposed buying Greenland from Denmark a few years ago but he was laughed at despite it having been proposed three times before.
Just goes to show that the elites behind so-called renewable energy boondoggles really aren’t serious. They want to rid everyone, other than themselves, of the ability to have access to abundant sources of energy.