Steel Production Decline And EV Production Costs Will Increase In 2021
China – Recently, spokesman of the Ministry of Industry and Information Technology (MIIT) and director of the Bureau of Operation Monitoring and Coordination, said the MIIT will research to formulate a work plan to ensure decline in steel production in 2021. This indicates an increasing probability of steel prices as well as increase in the production costs of electric vehicles. The price of electric vehicle trends upward in the future.
At present, electric vehicle prices keep rising, and many consumers expect prices to fall. With this announcement of the MIIT, steel production decline will lead to price rise, which will ultimately lead to price increase of electric vehicles.
CCTV financial coverage and the signal sent by the MIIT have indicated that the price rise of electric vehicles will be a general trend!