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Top lithium producer Albemarle reported third-quarter earnings per share of $2.74 from sales of $2.3 billion, missing Wall Street's expectations of $3.77 and $2.5 billion, respectively. Albemarle also lowered its sales growth projection due to rising supply and weaker-than-expected demand for lithium, which is used in electric-vehicle batteries. Meanwhile, EV stocks have declined by 16% this year, according to a Bloomberg index. Despite these headwinds, lithium producers remain optimistic about the future of electric vehicles. Goldman Sachs Research predicts that EV battery prices will fall faster than expected, leading to increased consumer demand for EVs.
EV battery prices are predicted to fall faster than forecast, as prices for lithium and other metals for batteries decline, according to Goldman Sachs Research. The price drop is expected to increase consumer demand for EVs. https://t.co/ngSBqZfqEe https://t.co/iiC1hKWYKA
Lithium producers stay bullish on EVs despite growing headwinds https://t.co/RP7hdzVngo https://t.co/JkTAPvapyu
Top lithium producer Albemarle lowered its sales growth projection amid rising supply and weaker-than-expected demand for the metal used in electric-vehicle batteries https://t.co/D4Ff4JKgv4
Top lithium producer Albemarle cut its sales projection amid rising supply and weaker-than-expected demand for the metal used in electric-vehicle batteries. Meanwhile EV stocks are down 16% this year, according to a Bloomberg index https://t.co/oq67NCdHlS
Top lithium producer Albemarle lowered its sales growth projection amid rising supply and weaker-than-expected demand for the metal used in electric-vehicle batteries https://t.co/q4C33LnScb
The lithium miner reported third-quarter earnings per share of $2.74 from sales of $2.3 billion. Wall Street was looking for $3.77 and $2.5 billion, respectively. https://t.co/C3PLr7tS3Y