Lithium producers must wait as pandemic slows electric vehicle revolution

The coronavirus pandemic has paused the electric vehicle revolution, forcing producers of battery metal lithium into survival mode with output cuts, expansion delays and sales of major assets.

Lithium industry shares have dropped sharply since January as the economic downturn from the pandemic slammed the brakes yet again on the electrification revolution that for years has seemed just around the corner. Investors are giving the cold shoulder to mine developers seeking funding for lithium projects.

"This pandemic further kicks the EV can down the road," said Seth Goldstein, a lithium industry analyst with Morningstar.