One of the world’s largest makers of battery materials has warned of a rapid deterioration in demand as the once booming electric vehicle market slows.
Umicore, which makes materials used in cathodes, the most expensive part of an electric vehicle battery, on Wednesday pointed to the “sharp slowdown in the growth of demand for EVs”.
As a result, the Belgium-based company said: “2024 volumes for its battery materials could be equal or slightly lower than last year.”
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