By Miranda Li

The price of lithium carbonate, the key material for EV batteries, has risen sharply in China since late May. Some 60 Chinese companies announced plans to invest in the area, the Chinese-language financial newspaper the Securities Times reported. 

Following the resumption of work and production of major Chinese industries from the Omicron pandemic lockdown, the price of primary materials and upstream industry resources have gone up. 

Many new energy vehicle(NEV) brands have announced their sales in May, with several new auto startups gaining more-than-doubled growth month on month. 

Thanks to the government's favorable policies and subsidies, industry observers predicted an accelerated penetration rate of NEVs markets in lower-tier cities in the second half of this year in China. It will further promote the sales of EVs in China.