The company is also in "active discussions" about
restructuring its MRBL joint venture in Australia with Mineral
Resources Ltd .
(Reporting by Ernest Scheyder; editing by Barbara Lewis)
By Ernest Scheyder
Feb 16 (Reuters) - Lithium giant Albemarle Corp expects China's electric vehicle (EV) market to grow 40% this
year, or at least by 3 million vehicles, boosting demand for the
battery metal in the world's largest auto market.
China's government has been phasing out subsidies for EVs,
but Albemarle said so far those steps have had only a "limited
impact" on EV demand. Executives attributed weak Chinese auto
sales data in January to the Lunar New Year holiday.
Chinese lithium customers are not slowing orders and the
country's stockpiles of cathodes and battery parts are
decreasing, a harbinger of demand for the battery metal,
executives said.
"Our biggest challenge is managing the tremendous growth
opportunity in front of us," Chief Executive Kent Masters told
investors on a conference call after the company posted
better-than-expected quarterly results.
Separately, executives said they hoped the U.S. Inflation
Reduction Act would make permitting easier for its planned
lithium mine in Kings Mountain, North Carolina, and that they
are open to partnering with an automaker for a planned European
lithium processing plant.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.