What are the raw materials for the increasing price of cars?
This year, as supply cannot keep up with demand, many basic materials (such as copper, steel, and aluminum) for automakers have reached or are about to reach their highest prices in history. Bloomberg Commodity Spot Index (Bloomberg Commodity Spot Index) jumped to its highest level since 2011, among which metal prices have risen 21% this year.
If the current rally develops into a super cycle, rising car prices may herald full inflation. JPMorgan Chase analysts estimate that in the year ended March this year, the prices of automotive raw materials rose 83% year-on-year. These components usually account for about 10% of the cost of car manufacturing, which means that a $40,000 car must increase in price by 8.3% to offset the impact of the increase in raw material prices. Ford CEO Jim Farley said: "We do I feel the difficulties in the bulk commodity market. Inflation has appeared in all areas of the industry, which we have never seen for many years. "It is worth noting that the global semiconductor shortage is also restricting production, leading to tight inventories and rising car prices. In the United States, the supply of cars is so restricted that car rental companies are seeking to buy used cars at auction instead of new ones.
The main driver of high car prices is the steel used in the chassis, engine and wheels. With the implementation of production restrictions in China, the largest steel producer, the price of steel has risen to the highest level in history.
As the industry is undergoing energy transformation to meet more stringent emission standards, soaring copper prices have also increased the cost pressure on electric vehicles. According to consulting firm Wood Mackenzie Ltd, because of more internal wiring, the copper used in electric vehicles is nearly 3.5 times that of fuel vehicles.
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