Twitter influencers conversations around nickel related to electric vehicles (EV) have increased by more than 300% during the second week of March, over the previous week.
Against this backdrop, Twitter influencers opine that the surging nickel prices will further disrupt the supply chain of EVs, reveals the Social Media Analytics platform of GlobalData, a leading data and analytics company.
The automotive industry is yet to pull its feet from the supply chain disruption caused by the COVID-19 pandemic over the last couple of years. Meanwhile, the recent rise in nickel prices on widening fear of supply shortage from Russia, one of the top nickel producers, has pushed EV makers into panic, as nickel is a key component of lithium-ion batteries. This unprecedented rise in nickel prices on exchanges halted nickel trading on the London Metal Exchange (LME) during the second week of March.
Smitarani Tripathy, Social Media Analyst at GlobalData, comments: “The influencers expect any further disruption in supply chain may push the EV prices higher and may affect automakers’ plans to make low-cost EVs.”
Below are a few most popular tweets captured by GlobalData’s Social Media Analytics Platform:
Livio Filice, Director of Sales, Duracell Power Center+ :
“#Russia is the 3rd largest producer of #Nickel, a key energy metal used in #NMC battery modules. Significant blow to an ever changing supply chain. #UkraineRussianWar #EV #EnergyStorage”
Jessica Amir, Australian Market Strategist at Saxo Bank:
“Nailed Nickel’s Nail biting short-squeeze story @daniburgz. A Nonsensical Nickel rally seeing #EV producers stocks Nervously head into Negative Neighbourhood, as EV car makers will be forced to pay Nauseatingly high Nickel prices #nickel”
Steve Hanke, Economist at Johns Hopkins University,
“#EconWatch: #Nickel is witnessing massive price increases as demand spikes and supply worries continue. Russia is big exporter of Nickel. Sanctions could disrupt that supply and send prices soaring. The EV industry will be hit especially hard, as Ni is a component of batteries.”
Brian Sullivan, Anchor & global CNBC storyteller:
“Nickel prices go insane. If prices stay high, really bad for steelmaking and EV and other battery makers. Trading halted for first time since Rutherford B. Hayes was president ”
Arjun Kharpal, Senior Correspondent at CNBC
“Nickel is a key part of electric vehicle batteries. Battery-pack prices dropped in 2021, but the rising price of Nickel and other key materials could push those prices high. Battery makers could hike prices and that could potentially filter through to price hikes from EV makers”