Caixin
Jun 02, 2022 08:02 PM
BUSINESS

Lithium Prices to Resume Rise as China’s Local Governments Roll Out EV Subsidies

Lithium battery production line of Zhejiang Huzhou, a new energy company, on Jan. 7. Photo: VCG
Lithium battery production line of Zhejiang Huzhou, a new energy company, on Jan. 7. Photo: VCG

After dipping following months of skyrocketing growth, the price of battery-grade lithium carbonate has significant new tailwinds as local governments roll out incentives to boost electric vehicle (EV) sales amid the ongoing Covid outbreak.

The Guangdong provincial government said in a Wednesday notice that individuals can receive 8,000 yuan ($1,196) if they trade in their old car for a new EV before June 30. A day before, Shanghai announced it would offer a similar 10,000 yuan subsidy until the end of the year.

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