SHANGHAI, May 5 (SMM) - In addition to the battery leader CATL, other power battery factories also raised their prices.

The price hike of battery makers was accompanied by price increase by NEV makers. The prices of nearly 50 new energy models from more than 20 car companies rose this year amid rising raw material prices.  

Despite the price increases, the sales of new energy vehicles were not affected. China sold 445,000 new energy passenger vehicles in March, up 137.6% YoY and 63.1% MoM. This reflects that the price hike did not diminish the popularity of new energy vehicles, and the long-term outlook of the market remains positive.  

In the long run, the development of new energy industry will be essential for China to achieve carbon peaking and carbon neutrality goals. The rising prices of power batteries and power battery raw materials are not conducive to the development of new energy vehicle industry.

As the government focuses on meeting the production needs of power batteries, accelerates the development of domestic lithium and nickel resources, as well as cracks down on unfair competition such as cargo hoarding and price inflation, the current raw material prices have begun to return to rational levels.