As if automakers didn't have enough on their plates.
The cost of auto industry metal is skyrocketing, from the palladium in catalytic converters to the aluminum in the body.
When Russia invaded Ukraine, potential sanctions on metal from the area put the auto industry on notice, according to Reuters.
The country’s metal sector hasn't been hit with sanctions yet, but many suppliers are already staying away from Russian goods.
If anything, some companies feel that buying raw materials from the area may be used to help fund Russia's Ukrainian invasion.
Russia also supplies 20% of the world's high-grade nickel.
Cutting off the supply could make EV batteries, one of the most expensive EV components, even more costly.
With raw material costs going up, more increases will likely be passed to consumers who are paying a premium due to the chip shortage.