The cost of lithium, a key component of batteries for electric vehicles, has broken the RMB 200,000 ($31,305) price barrier in China, a rise that comes off the back of the ever increasing sales of EVs in the country, reports Caixin. As of Thursday, the price of lithium carbonate had risen almost 360% year-on-year to RMB 200,013 per ton. On January 4, the first recorded price of 2021, the commodity was worth RMB 53,000.
Before this year, the record lithium carbonate price was set in 2017 at RMB 168,000 per ton, which was surpassed on September 27. Record sales of electric vehicles (EVs) in China have driven this trend.
October saw a new monthly high with over 383,000 EVs sold, an increase of 135% year-on-year and 7.2% month-on-month, the latest data from the China Association of Automobile Manufacturers shows.
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