Lithium prices to push up LFP electric vehicle battery costs by 16% in 2022

The rise in lithium carbonate prices could increase production costs of lithium-iron phosphate (LFP) battery cells by at least 16%, Benchmark Mineral Intelligence analysis shows, adding further pressure to electric vehicle (EV) makers next year. 

Benchmark’s Chinese battery-grade lithium carbonate prices have risen by 346% this year, as sales of EVs in China have almost doubled from a year earlier and mined supply has struggled to keep pace. 

Automakers globally are bracing for the price hit on LFP cells - also known as iron-based batteries. The rise in lithium prices comes amid rising costs for other battery . . .

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