Despite weak lithium prices, Albemarle beats on cost cuts
Albemarle, the world's largest lithium producer, posted a better-than-expected adjusted quarterly profit on Wednesday as aggressive cost cuts helped offset plunging prices for the metal used to make electric vehicle batteries.
The slowing pace of EV adoption globally, combined with lithium overproduction in China, has dragged down lithium prices and financially dented Albemarle and its peers.