Lithium’s price slump over the past year has been as dramatic as its climb — and it’s probably not finished yet.

The battery material’s benchmark price in China is now down about 80% from its November 2022 record high. At that time, lithium miners were enjoying soaring profits and carmakers were bemoaning surging costs.

Now, lithium’s sharp decline, together with steep drops for nickel and cobalt, are driving -bsp-bb-link state=”{“bbHref”:”bbg://news/stories/S4R3S1T0AFB4″,”_id”:”0000018c-1b78-d922-abee-5bfa7e850000″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>battery prices<!—-> to all-time lows, according to BloombergNEF.

For at least the next year, it looks like carmakers can cross off lithium costs as a major concern, with -bsp-bb-link state=”{“bbHref”:”bbg://news/stories/S4IHC2DWRGG0″,”_id”:”0000018c-1b78-d922-abee-5bfa7e850001″,”_type”:”0000016b-944a-dc2b-ab6b-d57ba1cc0000″}”>prices under pressure<!—-> from a wave …