Slowing EV sales sent lithium prices down almost 40% last year. What's next.

Not long ago, lithium prices were skyrocketing on fears of a supply shortfall, as growth in the electric-vehicle market lifted demand for the metal used in lithium-ion rechargeable batteries. The tables have turned.The average annual price for battery-grade lithium carbonate fell to $41,166 per metric ton in 2023, down nearly 40% from $68,075 in 2022, according to data from Benchmark Mineral Intelligence. Prices had dropped on a quarter-to-quarter basis, down about 38% in the fourth quarter. Electric vehic ...