ColonelAngus
Diamond Member
- Feb 25, 2015
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China’s Lithium Producers See Profits Collapse as EV Demand Craters
Chinese lithium giants Ganfeng and Tianqi warn investors their profits are plunging as electric vehicle demand weakens.
www.breitbart.com
“Ganfeng posted a note to the Hong Kong stock market that said net profits declined by up to 80 percent in 2023 because the “cyclical” nature of the lithium industry, and the “growth rate of demand slowing down,” caused a “significant decrease in the price of lithium-salt products.”
Ganfeng shares fell by five percent in trading after the announcement. Rival lithium supplier Tianqi suffered a 6 percent decline after making a similar announcement of profits slipping by up to 73 percent in 2023.”
Government cannot force innovation and adaptation.
It looks like people are not buying the climate change hysteria.
EVs may get to the point they are practical for everyone…they are not at this time.