Harry Dempsey of the Financial Times reports that US-based Albemarle cuts expansion plans amid struggles for processor of key mineral for electric cars. Dempsey writes:
The world’s largest lithium producer, Albemarle, has urged governments to intervene to loosen Chinese dominance of the market for the minerals that power electric cars.
Kent Masters, chief executive of the US-based group, wants more help from countries and car manufacturers to fight Chinese competition after the collapse in the market for lithium, a key component of batteries used in electric and plug-in hybrid vehicles.
“If we’re going to build western supply chains [for electric cars], then action needs to be taken now,” Masters told the Financial Times. […]
Analysts at Berenberg said the company might need a $2bn capital injection to avoid breaching its debt covenant next year. Masters, however, insisted it can weather the downturn using its balance sheet.
Read more here.
