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A lithium site operated by Chile's SQM. Suppliers of the battery material are rushing to increase output. (Photo by Nozomu Ogawa)
Market Spotlight

Battery costs rise as lithium demand outstrips supply

Carmakers scramble for raw materials in a bid to win global electric vehicle race

RURIKA IMAHASHI, Nikkei staff writer | China

TOKYO -- The price of batteries for electric vehicles looks set to rise in 2022 following a decade of sharp decline as supplies of lithium and other raw materials fail to keep up with ballooning demand.

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