"EV Market Slump Sparks Mass Layoffs and Mine Shutdowns"

The slowdown in electric vehicle (EV) demand has caused a surplus of rare earth minerals, leading to mines shutting down worldwide. Producers had ramped up mining operations to meet the expected demand, but consumers have not adopted EVs at the anticipated rate, causing mineral prices to plummet. This has particularly impacted the Australian mining industry, with the government designating nickel as a critical mineral to support struggling companies. The U.S. is seeking to subsidize projects outside of China to secure access to rare earth minerals, with the Biden administration including provisions in EV tax credits to ensure a percentage of minerals are not from concerning foreign entities like China.