Ford Motor CEO warns electric battery components will remain expensive

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Written By Jennifer Joslyn

Ford Motor CEO Jim Farley has made it clear to reporters that the company does not expect the cost of raw materials needed to develop electric batteries will drop anytime soon. Precious materials such as lithium, cobalt, and nickel have forced the car manufacturers to raise the prices of their new EV models, including the Ford F-150 Lightning pick-up truck, angering many prospective customers.

Price hikes attributed to “significant material cost increases” have included increases from $6,000 to $8,500 on select models. Tesla, Ford’s competitor, also raised prices this summer for similar reasons.

Electric vehicles do not look like they will be seen as “affordable” any time soon.

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Jennifer Joslyn
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