Not long ago, lithium prices were skyrocketing on fears of a supply shortfall, as growth in the electric-vehicle market lifted demand for the metal used in lithium-ion rechargeable batteries. The tables have turned.The average annual price for battery-grade lithium carbonate fell to $41,166 per metric ton in 2023, down nearly 40% from $68,075 in 2022, according to data from Benchmark Mineral Intelligence. Prices had dropped on a quarter-to-quarter basis, down about 38% in the fourth quarter. Electric vehic ...

With the world fighting to go green, battery stocks are becoming far more attractive. After all, batteries play an essential role in the world’s move to renewable energy. Also, the U.S. Department of Energy announced it would provide $3.5 billion to companies that produce batteries and the essential minerals used to make them. “Officials see batteries as an important climate solution. The devices can power cars and store clean electricity made from solar panels or wind turbines. The idea is to use fewer fos ...

Key TakeawaysLithium miner Albemarle plans to slash costs and lay off workers as the slump in EV demand and tumbling lithium prices hurt sales and profits.The company said it will lower capital expenditures and optimize its cost structure.Albemarle said the moves were being made because of changes in market conditions.Shares of Albemarle (ALB) lost ground Wednesday as the biggest lithium producer announced it was cutting costs and jobs, as well as taking other measures to save money because of “changing end ...

About this content About Sean Mason Sean Mason is a Senior Journalist at Proactive, having researched and written about Canadian and US equities for 20 years. Sean graduated from the University of Toronto with a BA in history and economics and has also passed the Canadian Securities Course. He previously worked at Investors Digest of Canada, Stockhouse, and SmallCapPower.com. Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and action ...

TORONTO, Jan. 17, 2024 /PRNewswire/ - The supply of lithium, essential for electric vehicles, is expected to face twenty years of rapid growth, according to a new report. The Oregon Group forecasts lithium's dominant demand segment — electric batteries and vehicles (EVs) — is also it's fastest growing, a dynamic rarely encountered even in bull markets. The report examines how the lithium market has seen a significant price correction in 2023, stalling new lithium projects and limiting supply expansion need ...

Shares of lithium producers have been hammered lately as demand growth for electric vehicles slowed, and prices for lithium—a key component in EV batteries—plummeted. The pain for the industry is now entering a new phase with layoffs and reduced spending announced. ...

Proactive measures to re-phase growth investments and optimize cost structure to generate long-term financial flexibility and unlock >$750 million of cash flow over the near term CHARLOTTE, N.C., Jan. 17, 2024 /PRNewswire/ -- Albemarle Corporation (NYSE: ALB), a global leader in providing essential elements for mobility, energy, connectivity, and health, today outlined a series of proactive measures underway to re-phase its organic growth investments and optimize its cost structure in response to changing e ...

D3signAllTheThings China lithium carbonate spot prices look to be approaching a bottom The lithium sector has been hit severely the past year, with the lithium spot price down ~80%. As a result, most lithium stocks are now badly beaten down, albeit after a huge rise in 2021 and 2022 as lithium prices surged. 5-year China lithium carbonate spot price chart (source) Trading Economics CITIC Futures forecasts China lithium carbonate prices to average CNY 100,000 in 2024, with Jiangxi lepidolite costs of pro ...

Lithium has become a hot commodity with the growing adoption of electric vehicles (EVs). While EV sales may have seen a slowdown, the future will be all about EVs. And, this is the time that lithium demand will soar. Due to the dip in EV sales, the supply of lithium is higher than its demand, leading to a subsequent drop in lithium prices. However, investors and automakers are optimistic about the future of EVs, which means an exceptional year for lithium stocks is likely. Therefore, let’s take a look at th ...

Albemarle Corp. (ALB) is growing its sales but lithium prices have depressed earnings. This Zacks Rank #5 (Strong Sell) is expected to see a double digit decline in earnings in 2024.Albemarle is a global lithium and bromine producer. Headquartered in Charlotte, NC, it serves customers in 100 countries.A Big Miss in the Third QuarterOn Nov 1, 2023, Albemarle reported its third quarter results and missed on the Zacks Consensus by $0.96. Earnings were $2.74 versus the consensus of $3.70.Lithium prices have fal ...