Electric vehicles seem unstoppable. Carmakers are outpledging themselves in terms of production goals. Industry analysts are struggling to keep up. Battery-powered cars could zoom from less than 10% of global vehicle sales in 2021 to 40% by 2030, according to Bloomberg.

But Western car companies, desperate to reduce their dependence on China’s world-leading battery industry amid geopolitical tensions, are seeing prices for battery metals spike. This trend is expected to push battery costs up in 2022 for the first time in more than a decade.

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