From Yahoo Finance, September 16:
The latest hurdle for an auto industry in the throws of an EV (electric vehicle) transformation is more higher prices.
Bloomberg reports Lithium carbonate prices hit a new high of 500,500 yuan, or $71,315, a ton today in China, this according to data from Asian Metal Inc. Lithium is a key component of battery cell technology used in everything from EVs to mobile phones.
Prices in China have tripled in the past year, leading to more pain for automakers looking to build EVs cheaply and for more buyers. Automakers with EV offerings from Ford (F) to Rivian (RIVN), and even Tesla (TSLA) have had to raise prices.
There are two recent drivers for higher lithium prices in China, which produces a majority of the lithium used by battery makers — demand and supply disruption.
Earlier last month the China Passenger Car Association predicted the country in aggregate would sell 6 million EVs in 2022, boosting its initial forecast and representing a doubling of sales year over year....
....MUCH MORE
The middle class will be priced out of owning an electric vehicle and mandated out of owning an internal combustion vehicle.
