[DM] Americans were sold the promise that electric vehicles would bring production companies and an influx of jobs to small towns nationwide as part of a modern day goldrush.
However, as interest in EVs has slipped, lithium and nickel facilities – metals used in lithium-ion batteries for electric vehicles – are taking cost-cutting measures including mass layoffs and suspending operations.
The demand for electric vehicles surged in 2022, rising by 76 percent in April of that year, but by the end of 2023, the number of vehicles sold dropped to just 50 percent.
Car buyers are still reluctant to trade in their gas-guzzling vehicle for an EV over the high price tag and concerns about their ability to easily charge the vehicle.
The waning interest in EVs has caused the price of lithium to dropped by 90 percent since January of last year.
In response, Ford has slashed 1,400 jobs at its once-promising lithium factory in Michigan while General Motors laid off all of its nearly 1,000 workers at its plant in Detroit with the promise that employees will be re-hired in 2025. |