Hyperdrive
Cars Keep Getting Pricier and the Commodity Boom Makes It Worse
- Rising copper, steel and aluminum prompt higher sticker prices
- Electric-car battery makers research cheaper chemistries
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Cars are back in vogue courtesy of the pandemic. They’re also getting more expensive, thanks in part to surging commodity prices.
Many of the essential ingredients for automakers, such as copper, steel and aluminum, are hitting or approaching record highs this year as the lagging supply can’t keep up with stimulus-driven demand. The Bloomberg Commodity Spot Index jumped to its highest since 2011, with metals up 21% so far this year.