A car battery factory in China’s eastern Jiangsu province. Cheap batteries are key to the growth and wider use of EVs. Photo: AFP
BYD, NIO, Xpeng and other Chinese EV firms face slower growth, as higher metal prices push up battery costs
- The prices of lithium carbonate, cobalt and nickel, key metals used in EV batteries, have soared this year
- The rise in lithium carbonate alone would add an average US$470 to the cost of producing an EV battery, Suzhou Hazardtex executive says
A car battery factory in China’s eastern Jiangsu province. Cheap batteries are key to the growth and wider use of EVs. Photo: AFP