Global sales of electric vehicles more than doubled in 2021, reaching 6.6 million units, compared to just 3 million in 2020.
But 2021 was another tough year for the auto industry in general, hit hard by a global shortage of semiconductor chips.
That’s according to preliminary EV volumes data cited by the International Energy Agency (IEA), which reports that all of the net growth in global car sales in 2021 can be attributed to EVs.
In particular, China had a breakout year in 2021, nearly tripling electric car sales, from 1.2 million to 3.4 million units.
In that environment, Lithium & Boron Technology company plans to further modernize and expand its brine extraction facility, plant and process at Qinghai Technology to increase lithium hydroxide and lithium carbonate production to 30,000 tons per year.
Electric vehicles
To achieve these production goals, the company, its joint venture partner and its subsidiaries will embark on a capital improvement project to raise approximately $360 million in equity, debt, bank financing and government subsidies to begin full production in the Boron Chemical Industrial Zone in HaiXi.
Qinghai Technology and Qinghai Mining expect to receive all the commercial, environmental and water extraction rights necessary for the commercialization of lithium carbonate and boric acid from Dichaidan Lake.
As a qualified company under the China government’s strategy of Developing the West, all qualified companies, including Qinghai Technology, are subject to a reduced tax rate of 15% compared to the usual national rate of 25 percent.
Lithium & Boron Technology is a boric acid manufacturing company in the People’s Republic of China.
It currently rents its facilities to its clients who obtain boron ore and produce boric acid for their needs.
The company’s strategy is to refurbish existing boric acid manufacturing facilities and develop a fleet of mobile processing units to produce lithium hydroxide and lithium carbonate for China’s rapidly growing electric vehicle battery market.
To this end, the company has entered into a joint venture with Xi’an Lithium Tech that will provide it with the technology to produce battery-grade lithium hydroxide and lithium carbonate.
