China’s Nio joins the race for lithium, buys 12% of Australia’s Greenwing Resources

China’s electric vehicle upstart Nio has joined Tesla in sourcing raw materials directly from mines rather than its own battery suppliers as soaring prices of lithium, a critical component of EV batteries, hurt manufacturers’ supply chain stability and bottom lines.
Lithium carbonate prices in China hit a record 501,500 yuan/tonne in September, tripling the number from a year ago. The surge is so dramatic that regulators summoned key industry players for a meeting in March and called for a return to rational pricing.
Nio, an eight-year-old premium EV maker, has agreed to pay $12 mi

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