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Electric cars in China

EV price hikes fueled by battery costs send jolts across China

Supplies of nickel and lithium fail to keep pace with growing demand

A Hongguang Mini at a dealership in Beijing. The manufacturer, SAIC-GM-Wuling Automobile, raised the price tag on the EV from $4,500 to over $5,000.   © Reuters

GUANGZHOU -- More than 20 electric vehicle manufacturers operating in China have bumped up prices this year on their leading models, forced to do so by the soaring costs of raw materials used in batteries.

"The rise in battery costs has gone off the rails," said the head of a promising EV startup in a social media post on March 19.

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