Lithium Giant Albemarle Cuts Growth Guidance as EV Boom Cools
- Net sales now seen rising 30-35% this year, down from 40-55%
- Increased borrowing costs in global slowdown dim EV outlook
Lithium ore falls from a chute onto a stockpile in Greenbushes, Australia.
Photographer: Carla Gottgens/BloombergThis article is for subscribers only.
Top lithium producer Albemarle Corp. lowered its sales growth projection amid rising supply and weaker-than-expected demand for the metal used in electric-vehicle batteries.
Net sales are expected to increase 30% to 35% this year, the US-based company said in its quarterly earnings report Wednesday. Three months ago, it forecast 40% to 55% growth. Shares were down about 2% after the close of regular trading.