The price of EVs has been on the rise this month. XPeng just doubled prices at the factory gate, following a previous increase in January. BYD, NETA, TESLA, and almost every other EV maker has done something similar.
All blame the rising cost of raw materials, principally lithium, an important component of batteries.
The price of lithium carbonate stood at 504,000 yuan (US$80,000) per ton last Friday, 73.8 percent up in three months, and five times the price this time last year.
