Hormuz Closure Puts EV Manufacturing at Risk
The continued disruption in the Strait of Hormuz is becoming a growing threat to the global electric vehicle industry. Although the crisis is widely linked to rising oil prices, its impact now stretches much further. Important raw materials needed for EV battery production are becoming harder to transport, creating fears of supply shortages, rising manufacturing costs, and possible slowdowns in production worldwide. The Strait of Hormuz is one of the busiest and most important shipping routes in the world. Every day, large amounts of oil, gas, and industrial materials move through the narrow passage connecting the Persian Gulf to global…
