Lithium is an essential ingredient in batteries for electric vehicles (EVs), and the global energy transition has seen prices of lithium compounds rocket. In January 2021, a tonne of battery-grade lithium carbonate cost 40,000–60,000 yuan (US$5,600–8,400). By the end of 2022, it was ten times that, at over 500,000 yuan a tonne. (Source: China Dialogue)