LOS ANGELES, Nov 13 (Reuters) – The burgeoning lithium industry, which produces the powerhouse metal used to make electric vehicle (EV) batteries, has entered its first major downturn, an unwelcome bruising for investors eager to help combat climate change.
Albemarle Corp, Tianqi Lithium Corp and others have been producing more lithium than automakers need. Global supply exceeds demand by about 5 percent, according to Canaccord data.
That comes as electric vehicle sales in China – the world’s largest EV market – fell nearly a third in September amid sliding government subsidies, the third consecutive monthly decline, according to Jefferies. Continue Reading →