Car manufacturers are finding it increasingly pricier to manufacture electric vehicles (EV) as the costs of procuring lithium, one of the main components found in every commercial EV battery, has shot up almost 280 percent since the start of the year. The demand for electric vehicles has pushed up demand for the metal, and supply has not been able to keep pace. Lithium is a vital ingredient for rechargeable batteries. The price hike will not only impact vehicles but also mobile phones and laptops. Carmakers are also struggling to get their hands on raw materials including lithium, semiconductor chips, copper, and aluminum. Experts claim that lithium will be harder to obtain and investments are needed for mining and producing the requisite amounts. Automobile manufacturers have been enthusiastic about the move to electric, with many companies proclaiming a complete shift from fossil-based engines to electric tech as early as 2040 or …