Hyperdrive
Lithium Miner Sees 25% Price Drop in Boon for EV Industry
- Producer margins are abnormal, Sinomine Resource chairman says
- Lithium is already in retreat from a record high in November
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Lithium’s going to get less expensive in 2023, according to a Chinese supplier of the battery metal, potentially offering some relief to electric-vehicle makers squeezed by soaring costs.
Prices have already softened after a spectacular two-year rally labeled “insane” by Elon Musk and “unreasonable” by China’s BYD Co. The cool-off is poised to continue as more supply emerges to trim abnormally high margins for lithium producers, Wang Pingwei, chairman of Sinomine Resource Group Co. said in an interview on Tuesday.