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Lithium Boss Criticizes Car Manufacturers Amid EV Market Challenges

Mineral Resources (MIN)

Lithium Prices and the Current Market

One of Australia’s top lithium miners, Mineral Resources, is facing tough times as the price of lithium, crucial for electric vehicle (EV) batteries, falls sharply. The company’s boss, Chris Ellison, expressed frustration at global carmakers.

Reasons Behind Falling Lithium Demand

The slowdown in electric vehicle sales has significantly affected lithium demand, with softer consumer interest in China and higher interest rates impacting costs.

Global Car Manufacturers Under Fire

Ellison criticized first-world carmakers for relying on traditional vehicles and not investing in affordable EV alternatives. He pointed out that these manufacturers continue to profit from combustion engines, delaying the transition to electric.

Adaptation Strategies for Mineral Resources

To counter these challenges, Mineral Resources is cutting costs aggressively, including halting dividends. Despite record production, lithium prices have plummeted, impacting earnings.

The Future of Lithium and Electric Vehicles

Despite current challenges, the demand for lithium is expected to rise as global efforts to reduce carbon emissions continue. Past cycles have shown volatility, and companies like Mineral Resources are bracing for shifts in supply and demand.

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