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Runaway raw material costs are fueling a “ridiculous” increase in the price of batteries for electric vehicles (EV), said Li Auto Inc (理想汽車) chief executive Li Xiang (李想), who took to social media in China late on Saturday to offer a rare insight into EV makers’ pain. “The cost of batteries in the second quarter rose by a very ridiculous amount,” Li said on his official Sina Weibo (微博) account. EV makers that have not raised prices yet are probably going to have to once their battery suppliers start charging more, he added. Li’s comments came after automakers in China from Tesla Inc

Li xiangSina weiboAmperex technology co ltdXpeng incWm motor technology coLi auto incChinese ministry of industryTesla incInformation technologyGeely automobile holdings ltdChinese ministryThe taipei times