SQM, the world’s second-largest lithium miner, has initiated layoffs affecting 5% of its workforce in Chile. This decision follows a drastic decline in battery lithium prices, which fell from over $80,000 per tonne in November 2022 to $8,450 in June 2023.
The value of lithium contained in electric vehicle (EV) batteries sold globally from January to May 2023 totaled $2.15 billion, a significant decrease from $3.2 billion in December 2022. Currently, the average cost of lithium per EV is just above $200, compared to a peak of over $1,900 in December 2022.
Consumer demand in the EV sector remains subdued, and production cuts by lithium miners, especially in China, appear unlikely despite the ongoing market conditions.
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