Rising costs of raw materials
Also the sea transport costs are now 2-3 times higher than before, which leads to the rising cost of raw materials of many electric motor manufacturers.
According to the current prices, many companies are in deficit. For example, aluminium is 38-43% higher, steel 26-31%, copper wire 44-58%, stainless steel is 45-50% higher, so most of electric motors factories will have to increase their prices very soon.
Based on current price trend of raw materials, many electric motor companies have decided to increase prices for all new orders by 4-6% based on the original price from 10th of December 2020. Once the price of raw materials drops, companies will adjust them.