Nickel surge just raised the input cost for an electric vehicle by $1,000, Morgan Stanley estimates

A Tesla Inc. electric vehicle drives through the Las Vegas Convention Center Loop ahead of the Consumer Electronics Show (CES) at the Las Vegas Convention Center in Las Vegas, Nevada on January 3, 2022.
Patrick T. Fallon | AFP | Getty Images

The price of nickel is surging higher this week as Russia's invasion of Ukraine could potentially severely limit the global supply of the metal. In turn, the cost of producing an electric vehicle is getting higher by the day, Morgan Stanley warns.

More In Pro Insight

CNBC ProMicron, JPMorgan, and Cleveland-Cliffs are some of today's stocks: Pro Market Movers July 1
CNBC ProThe IPO market is hibernating, waiting for the market to turn
watch now
CNBC ProStrategist says these sectors may be 'first to lead us out of recession' — and names 4 stocks to buy the dip