China plans to impose stricter restrictions on the export of lithium battery technology and rare minerals such as antimony and gallium, aiming to protect its position in this industry.

China is the largest producer of lithium and antimony, accounting for 70% of the electric vehicle battery market.

This move comes at a time when the prices of lithium and other minerals have dropped significantly since last year, negatively affecting foreign producers.

Meanwhile, China’s electric vehicle sector is experiencing notable growth, with a 34% increase in car sales in 2024 compared to the previous year.