Prices of lithium, a key constituent of batteries that drive electric vehicles, may increase further despite having soared 400% yearon-year, a report in the Hindu Business Line said.
The surge in the prices of the mineral comes against the backdrop of a pickup in demand for EV battery materials, the report said, adding that this skyrocketing of prices may slow down people’s adoption of EVs.
UK- based Data analytics and consulting firm Global Data said in its “Thematic Research: Electric vehicle batteries (2021)” report that the core challenge for EV adoption is keeping the cost of a lithium ion battery as low as possible.
On the Trading Economics website, lithium carbonate is currently quoted at 197,500 yuan (around $30,600), up 401% year-on-year and 325% since the beginning of this year.
Read the full report: The Hindu Business Line.