Even as Russia’s invasion of Ukraine increases the price of nickel, a key metal for electric vehicle batteries, General Motors CEO Mary Barra is confident the automaker will find adequate supply over the next three to five years.
“There are other uses of nickel, so we’re working deep in the supply chain to really understand and make sure we’re covered,” Barra told CNBC on Tuesday. “Our supply chain team is just phenomenal. They have been working ahead and to make sure we have secure supply.”
The invasion could complicate automakers’ EV development and has led to a surge in oil prices, at a time when commodity costs are already rising.
Average gasoline prices in the U.S. have reached $4.06 per gallon, up $1.30 from a year ago, according to AAA. That marks the highest average since 2008.
Today’s portfolio of vehicles is more fuel-efficient than the vehicles most consumers drove in 2008, Barra said.
“We’re seeing a pretty resilient customer,” she said. “There’s pent-up demand, but EVs will be the ultimate solution.”
