), the world’s largest producer of lithium for electric vehicle batteries, warned on Wednesday that its third quarter sales and profit will dip as automakers produce fewer EVs due to the coronavirus pandemic.
The warning came after the company posted a 45 percent drop in second-quarter profit due in part to low prices for the white metal caused by global oversupply. Albemarle said it now expects low “automotive production to be felt more acutely” in the third quarter, with prices sliding as stockpiles rise.
“While our strategy has not materially changed, the environment in which we operate has changed dramatically,” Kent Masters, who became Albemarle’s chief executive earlier this year, said in a press release.
Albemarle is my hometown, and you spelled it incorrectly (with two r’s) in the article alongside the correct spelling. Could you proofread and fix that?
What percent of EV charging is faux(ie from coal and fossil fuels)? Asking for a friend
Albermarle's shares rose 1.6% to $90 in after - hours trading on wednesday.