Ecology Action Centre calls for immediate implementation of Coastal Protection Act | SaltWire - High interest rates are derailing the ambitions of climate regulators and automakers to accelerate the shift to electric vehicles, underscored Wednesday by the scrapping of a GM-Honda partnership and a warning from a battery maker.
Also on Wednesday, Honda and General Motors announced they were ending a $5 billion plan to develop lower-cost EVs together just a year after announcing the effort. GM on Tuesday said it would focus near-term EV efforts on meeting demand rather than hitting specific volume targets. EV sales are growing, however. They topped 300,000 units in the United States for the first time in the third quarter, according to a Cox Automotive report. They rose 14.3% in September in the European Union and 22% in China, the world's largest EV market.Tesla CEO Elon Musk raised the alarm last week in explaining why he was slowing plans for a Mexico factory.
Lithium prices have tumbled 67% so far this year based on spot lithium carbonate prices assessed by Fastmarkets. Prices of cobalt metal on the CME have slid 20% this year and more than halved since May last year.