Electric vehicle battery prices are increasing as the cost of raw materials, especially lithium, is rebounding after a decade of price reductions following a radical growth in the electrification of vehicles by major manufacturers and subsequent hike in demand. The biggest battery manufacturer in the world is China, where the benchmark price of lithium carbonate was 261,500 yuan (just over $41,060) a ton by the end of last year, an increase of more than five times from January 2021. The persistent climb is expected to subvert plans of automakers worldwide, many of whom are laying the groundwork for launching their fleets of electric vehicles and other related projects. Cobalt, which makes up almost a fifth of the weight of the cathode in a lithium-ion battery, has doubled in price from last January to $70,208 a ton. According to the energy department, cobalt is considered the biggest supply chain risk for …