As electric vehicles (EVs) prove to be increasingly unpopular and see a significant decline in sales, some of the rare earth mineral mines that supply the materials behind such vehicles are beginning to shut down due to lack of demand.
As reported by the Daily Caller, demand for EVs has not risen to match the supply, with the total market share for EVs rising from 3.1% in January of 2023 to 3.6% in December of 2023. During that same time period, EVs’ share of the American vehicle inventory rose from 2.8% to 5.7%.
The once-booming rare earth minerals industry responsible for building EVs has taken a massive hit due to consumers largely ignoring these new vehicles, even despite government efforts to mandate or incentivize the purchase of EVs. Lithium, one of the key ingredients in manufacturing an electric vehicle, has seen its price plummet by 90% since the beginning of 2023; meanwhile, the price of nickel has fallen by 50% in the same time period.
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