new Delhi. The global auto industry is facing rising metal prices, which is expected to increase vehicle prices. Carmakers are facing a crisis in the wake of the Russia-Ukraine conflict. The Russian invasion of Ukraine is driving up the prices of metals used in cars. tell that
From aluminum in car making to palladium in catalytic converters and nickel in electric vehicle batteries, nickel is used in large quantities. Palladium is the most expensive metal and Russia is the largest producer of Palladium.
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Apart from rising metal prices, disruption in the supply chain is also affecting the auto industry in a big way. Crude oil prices are rising as a result of the Ukraine crisis, which will lead to higher prices of petrol and diesel. In addition, the Ukraine crisis could lead to a semiconductor chip shortage.
Ukraine is a major producer of neon, which is used significantly to make microchips. Neon production and supply have been severely affected by the ongoing war in Ukraine.
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Stelantis CEO Carlos Tavares said that in the current situation, the cost of raw materials and energy has increased significantly. This will put more pressure on the business of the auto industry. It is expected that this pressure will be put on the consumers, which means that they will have to buy vehicles at a much higher price.
Both aluminum and palladium achieved record highs on Monday. Nickel, which is used to make stainless steel for automakers, crossed the $100,000 per tonne mark for the first time on Tuesday. The global auto industry has come under pressure due to the COVID-19 pandemic and related disruptions. The Ukraine crisis began at a time when the auto industry was recovering from the Kovid crisis.
Tags: auto news, Car Bike News, Russia ukraine war
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