Lithium Prices Soar To An All Time High Driving Electric Vehicle Prices Even Higher

Lithium prices jumped on Friday to a fresh all-time high amid soaring demand from growing electric vehicle sales, which the current supply is struggling to meet.

 

The price of lithium, a key component in battery manufacturing, has more than tripled over the past year, according to Bloomberg estimates. And on Friday, the price of lithium carbonate in China surged to a new record of $71,400 (500,500 Chinese yuan) a ton, per data from Asian Metal cited by Bloomberg.

Strong demand from EV sales growth and lower production in China in recent months has led to a new rally in lithium prices.

EV sales in China are expected to double this year to a record 6 million vehicles, according to a forecast by the China Passenger Car Association.

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