EV battery cost reduction slowed by soaring metal prices
Electric vehicle (EV) manufacturers are facing cost pressures as the prices of key metals soar. Cobalt has seen a global price rise of around 90% since the start of the year, reaching an eight-year high of $27.50 per pound in April. Meanwhile lithium contract prices have risen three-fold over the past two years in the Chinese market, which is an international benchmark for the metal. In addition to rising demand from EV manufacturers, prices have been pushed up by mining firms rolling back copper production - cobalt is a by-product of copper and nickel - and concerns over instability in the Democratic Republic of Congo.
TOKYO -- Car and battery manufacturers developing electric vehicles are hard-pressed to keep costs down as prices for key metals skyrocket.

The international price of cobalt, a material used in rechargeable lithium ion batteries, rose to an eight-year high of around $27.50 per pound in mid-April, a 90% increase since the beginning of the year and 2.5 times greater than a year ago. Cobalt is "being bought on the anticipation of increasing demand for use in electric vehicles," according to an official at a major trading house.