Aug 19, 2022 08:22 PM

BUSINESS

Ganfeng Strikes Deal to Provide ‘Cost-Effective’ Lithium for State Giant’s EVs

By Guo Yingzhe and Huang Rong

GAC AION New Energy Automotive announced strategic cooperation with Ganfeng Lithium as carmakers are scrambling for lithium resources to offset the fallout of the metal's surging prices. Photo: VCG

GAC AION New Energy Automotive announced strategic cooperation with Ganfeng Lithium as carmakers are scrambling for lithium resources to offset the fallout of the metal's surging prices. Photo: VCG

Ganfeng Lithium Co. Ltd. (002460.SZ) has reached a deal to provide a state-owned electric-vehicle (EV) manufacturer with cost-effective lithium as Chinese carmakers scramble to offset the surging price of the key battery raw material.

The Chinese lithium giant’s deal with GAC Aion New Energy Automobile Co. Ltd. comes as EV-makers have been trying out different ways to secure a supply of the metal as its price has risen eightfold since the start of last year.

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