The electric vehicle (EV) industry is experiencing a significant shift as producers of lithium and nickel, essential components in lithium-ion batteries, are pausing projects and shutting down mines in a bid to conserve cash. This move comes in the wake of a dramatic decrease in commodity prices, with lithium prices dropping by up to 90% since last year, and nickel prices seeing a reduction by about half.
Albemarle Rethinks South Carolina Project Amid Price Crash
According to the Wall Street Journal, Albemarle Corp. (NYSE:ALB), a key player in the production of battery metals, is reevaluating its plans for a high-tech $1.3 billion lithium processing plant in South Carolina.
This project, intended to support South Carolina’s growing electric-vehicle industry, is now on hold due to the sharp decline in battery metal prices and a slowdown in the growth of electric-vehicle sales in both the U.S. and China.
As a result, Albemarle is implementing company-wide cost-cutting measures, including layoffs and delays in other investments.
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