Lithium prices have fallen sharply due to slowing EV demand in key markets like Europe, causing concern about the future of the lithium boom.
Last November, Exxon announced it had started drilling its first lithium well in Arkansas . At the time, an Exxon executive said, 'Lithium is essential to the energy transition, and ExxonMobil has a leading role to play in paving the way for electrification.' Exxon is not the only one seeking to capitalize on the estimated considerable lithium resources of Arkansas , a former oil region.
'This comes at a time when global demand for lithium, driven by electric vehicles and energy-storage needs, continues to grow,' the report said. However, China is the only place where the demand for EVs is growing at any meaningful pace. The latest data from Rho Motion showed that EV sales in the biggest market for that industry gained an impressive 42% in August. The data, however, includes both battery electric vehicles and hybrids.
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