Battery Mines Shut Down Amid Weak Electric Vehicle Demand

Published on February 21, 2024

Electric vehicle battery material mines are shutting down as weak demand for EVs and crashing prices make projects financially unviable. Many investors and experts had predicted EV sales to grow at an expedited rate in 2023. However, this did not materialize. While sales in the United States grew last year to 1.2 million units, it was still far off from estimates that predicted 1.6 million units. The prices of key EV battery materials—lithium, nickel, and cobalt—have also come down drastically. Since January 2023, lithium prices dropped by over 80 percent, nickel and cobalt by more than 40 percent. With slower-than-expected EV sales and crashing battery material prices, many mines catering to the sector are opting to shut down and curtail operations....

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