The price of lithium is a major hit to automakers as global sales of electric vehicles rise.
The latest obstacle facing the automotive industry in the midst of an electric vehicle transformation is the increase in costs.
The prices of Lithium carbonate reached the new record of 500,500 Yuan, which is $71,315, for a ton today in China according to the data of Asian Metal Inc.
Lithium is the main element of the battery cell technology that is used in everything from mobile phones to EVs.
Costs in China have nearly tripled in the last year, causing greater difficulty for automakers trying to develop EVs inexpensively, and to attract greater demand from buyers.
There are two current drivers for higher prices for lithium in China which makes a majority of the lithium used by battery makers.
The U.S., EV sales in the second quarter of the year hit the record, rising almost 70% over the same period last year.
Dealers and manufacturers are struggling in keeping EVs in supply because demand is growing for more new vehicles.