Soaring Lithium Prices Yield Bumper Profits

Chinese companies along the lithium carbonate supply chain had a bumper first quarter, as the price of the chemical element more than doubled, extending a rally from last year driven by growing demand for electric vehicles

Jiangxi Special Electric Motor Co. Ltd. (002176.SZ), which produces lithium carbonate and battery cells, estimated that its first-quarter net profit grew by as much as 829% year-on-year to 680 million yuan ($107 million), due to booming demand and surging prices.