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A battery price war is kicking off that could soon make electric cars cheaper. Here’s how
China’s two largest EV battery makers are pledging to slash the cost of their batteries this year. Behind the pledge is a cost war – and new battery chemistries.
The electric future rests on viable supply chains for critical minerals such as lithium, nickel, copper, cobalt and rare earth elements. Prices of lithium carbonate, the salt form of the ultra light silvery-white metal, shot up sixfold between 2020 and 2022 in China before falling last year. The world’s largest carmaker, Toyota, has long been sceptical of lithium-ion batteries and has focused on hybrid and hydrogen fuel cell vehicles instead.
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