Lithium prices peaked in late 2022, as Chinese battery manufacturing rapidly expanded, and electric vehicle sales accelerated. The extra demand led to new mines opening in China, Africa and Latin America. But that extra supply, combined with a slower uptake of EVs, sent spodumene prices tumbling. The financial pain of declining prices was revealed by major producers during earnings season. Profits were down across the board as companies grappled with prices that had dropped by more than 50 per cent in just 12 months. Mineral Resources managing director Chris Ellison told investors he had seen many downturns in the past, but this one stood out. Other Australian miners say volatile price swings are part of the growing pains of an emerging industry. Despite the low prices, some miners are expanding production because of mandates around the world to phase-out internal combustion engine vehicles and renewable energy targets. #ABCBusiness Subscribe: http://ab.co/1svxLVE Read more here: https://www.abc.net.au/news/2024-09-03/lithium-price-crashes-and-australian-miners-in-damage-control/104262228 ABC News provides around the clock coverage of news events as they break in Australia and abroad. It's news when you want it, from Australia's most trusted news organisation. For more from ABC News, click here: https://ab.co/2kxYCZY Watch more ABC News content ad-free on ABC iview: https://ab.co/2OB7Mk1 Go deeper on our ABC News In-depth channel: https://ab.co/2lNeBn2 Like ABC News on Facebook: http://facebook.com/abcnews.au Follow ABC News on Instagram: http://instagram.com/abcnews_au Follow ABC News on X (Twitter): http://twitter.com/abcnews Note: In most cases, our captions are auto-generated. #ABCNews #ABCNewsAustralia