Chinese EV makers to buy overseas lithium mines to curb battery prices
Category: #business  By Pranali Mehta  Date: 2022-06-07
  • share
  • Twitter
  • Facebook
  • LinkedIn
Chinese EV makers to buy overseas lithium mines to curb battery prices

The electric vehicle industry players in China, like BYD, are looking to secure deals with overseas lithium mines in view of limiting rising prices of batteries while appending to the stable supply of EVs, for which China is said to be the major producer in the world.

With the rising prices of lithium, along with prices of other bulk commodities owing to budding market demand and global inflation, around 20+ EV firms, including foreign brands like Tesla and domestic brand BYD, have announced a rise in prices this year.

In view of such a scenario, some industry players from China are currently looking forward to getting deals with lithium mines that are located overseas to stabilize the prices and supplies. For instance, BYD has found six lithium mines in Africa and has announced that it is planning to acquire these mines.

These mines contain more than 25 million tons of ore, reportedly with a lithium oxide grade of 2.5%, which is said to be enough to suffice the requirement of BYD in the coming decade.

It is vital to note that the move has not been confirmed by BYD officially as it has declined to provide any detail regarding the same.

But as per the industry sources, this move will help alleviate the supply chain of EVs, with batteries being the crucial component and aiding in controlling its pricing.

Cui Dongshu, secretary-general of the China Passenger Car Association (CPCA), said that this move by BYD could be apparent as more domestic EV organizations are expected to go overseas looking for lithium supplies.

Furthermore, since 2022, more than 20 new electric vehicle makers have announced their plans to increase the prices of nearly 40 models, with price hike of several thousand or even hundreds of thousands of yuan.

Source Credit - https://www.globaltimes.cn/page/202206/1267300.shtml

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Street Lighting Control System Market Size, Share to Generate Lucrative Revenues By 2028
Street Lighting Control System Market Size, Share to Generate Lucrative Revenues By 2028
By Pranali Mehta

The research report on Street Lighting Control System market Added by Market Study Report proposes a comprehensive study on the recent industry trends. In addition, the report presents a detailed abstract of the growth statistics, revenue estimation,...

Medical Crowdfunding Platform Market Size, Share to Witness Notable Hike Over 2022-2028
Medical Crowdfunding Platform Market Size, Share to Witness Notable Hike Over 2022-2028
By Pranali Mehta

The latest report on ' Medical Crowdfunding Platform market' Added by Market Study Report provides a concise analysis of the industry size, revenue forecast and regional spectrum of this business. The report further illustrates the major challenges a...

Air Medical Rescue Market Size, Share to Witness Remunerative Growth Trend Through 2028
Air Medical Rescue Market Size, Share to Witness Remunerative Growth Trend Through 2028
By Pranali Mehta

The Air Medical Rescue market research added by Market Study Report presents a detailed analysis of the influential trends prevailing in this business sphere. This research report also offers definitive information concerning the commercialization of...