The price of electric vehicles could shoot up after China threatened to curb exports of one of the key raw materials used to make batteries, experts have warned.
China is the largest producer and exporter of graphite, which is used in almost all electric cars. This pure form of carbon is used to make lithium ion batteries.
Last week the country announced that from December 1 it would require export permits for some graphite products to protect national security.
Uncertain future: Graphite is used to make lithium ion batteries
This is leading to a scramble to secure supplies – which risks pushing up prices – amid fears that more rules could be brought in, crippling the ability of car battery factories outside China to continue production.
‘Suddenly owning an electric vehicle might become a privilege rather than a necessity,’ said John Meyer, a mining analyst at London-based consultancy SP Angel.
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