Musk, Tesla Have Secret Deal That Rivals Can't Compete With
Its dominance has been reinforced by the Covid-19 pandemic, which has disrupted the supply chains of most companies and, in this case, car manufacturers.
The situation was worsened by the Russian invasion of Ukraine and the resulting Western sanctions.
This armed conflict has led to soaring prices for raw materials such as nickel, palladium and aluminum.
The three elements help make catalytic converters, air conditioner condensers and other essential car parts.
Nickel is used to make stainless steel and the batteries, which are the heart of an EV because they determine a car's range and play a key role in the performance and the security of the vehicle as well.
Russia is a major exporter of nickel. Automakers might be able to obtain nickel from Indonesia, but its nickel is more difficult to use for electric car batteries, industry sources say.