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Due to new sanctions against the Russian economy, which will be introduced against the backdrop of the ongoing military operation in Ukraine, experts are already predicting a crisis for the entire global automotive industry.
Russia is the world's largest supplier of several important metals, including nickel and palladium, which are widely used in the automotive industry. Nickel is needed to make lithium-ion batteries for electric vehicles, and palladium is used in catalytic converters that are installed in gasoline and diesel engines.
Significant quantities of palladium are also produced by South Africa and Zimbabwe, but prices for the metal have been steadily rising, and this week they jumped sharply. This will drive up the cost of new cars. As for nickel, its shortage will jeopardize the plans of the US government to completely phase out gasoline cars and replace them with electric vehicles by 2035.
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