Tianqi Lithium, China’s top producer of lithium chemicals for electric vehicle batteries, reported on Thursday that it had made a record net profit of nearly RMB 16 billion ($2.2 billion) for the first nine months of 2022. This is almost 30 times greater than a year ago, a rise that the lithium processor attributed to both strong sales and soaring prices of its offerings as EV adoption continues to gain momentum in the country. The company’s revenue and profit for the third quarter were RMB 10.35 billion and RMB 5.65 billion, representing year-on-year increases of 580% and 1,173% respectively. [Tianqi filing, in Chinese]