Recently, numerous lithium-ion battery material suppliers in China have announced a collective increase in their selling prices.
The primary reason stems from the significant rise in raw material input costs. Additionally, the demand for batteries has surged due to the global electrification trend. This development is expected to put upward pressure on electric vehicle prices by 2026.
Specifically, Hunan Yuneng New Energy, a cathode material supplier for major battery manufacturers like CATL and BYD, announced that from January 1, 2026, processing fees for all lithium iron phosphate (LFP) battery products will increase by 3,000 CNY per ton, equivalent to approximately 11.18 million VND/ton, excluding taxes. The company also indicated the possibility of further price adjustments if market conditions or raw material costs continue to fluctuate significantly.
Earlier, Dejia Energy also announced a price increase for its lithium battery products starting December 16, citing rising raw material costs.
The battery raw material market is experiencing significant volatility. The price of lithium hexafluorophosphate, a critical component in lithium-ion battery electrolytes, has surged from approximately 55,000 CNY/ton (205.16 million VND/ton) to 120,000 CNY/ton (447.64 million VND/ton) in just two months, marking a 118% increase. Meanwhile, lithium cobalt oxide prices have skyrocketed from 140,000 CNY/ton (522.25 million VND/ton) earlier this year to around 350,000 CNY/ton (1.30 billion VND/ton) in November, a nearly 150% rise.
Lithium carbonate prices, another critical raw material, have surpassed 94,000 CNY/ton (350.66 million VND/ton), following a 16% increase in just one month.
Currently, LFP batteries account for approximately 81.5% of the total battery volume used in electric vehicles in China. Facing increasing supply-demand pressures for high-voltage batteries, many automakers are proactively collaborating with major battery manufacturers to secure supply chains, minimize production disruptions, and mitigate the impact of rising raw material costs.
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