WND By Will Kessler Daily Caller News Foundation 2/19/2024
Supply of rare earth minerals essential for components exceeds demandA slowdown in the growth of electric vehicle (EV) demand has led to entire mines being shut down as the supply of rare earth minerals essential for EV components exceeds demand, according to the Wall Street Journal.
Mines around the world are ceasing operations or halting construction projects in response to the falling demand, such as a $1.3 billion plant in North Carolina operated by Albemarle. which announced that it was deferring spending on the project amid the market turmoil, according to the WSJ The total market share of EVs rose from 3.1% in January 2023 to 3.6% in December 2023, while the share of U.S. vehicle inventory grew from 2.8% to 5.7% in that same time frame as demand fails to keep up with supply.
Over the last few years, global mineral producers have ramped up mining operations in an attempt to capitalize on the emerging EV market, but consumers have declined to adopt EVs at the rate producers were expecting, leading to rare minerals flooding the market and driving down prices, according to the WSJ. The market for metals is often subject to boom-and-bust cycles due to unpredictable demand and the slow speed at which mines can be brought into operation.
More:
https://www.wnd.com/2024/02/electric-vehicles-unpopular-entire-mines-shutting/
