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The mass adoption of electric vehicles (EVs) might be further dampened by the rise in prices for the metals — such as lithium, cobalt and nickel — used in EV batteries.
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“Steep rises in battery raw materials prices since the start of 2021 are causing speculation over either demand destruction or delays, and have led to the belief that automotive companies could shift preferences for their electric vehicles,” according to a Standard & Poor’s blog post.
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