Lithium names plunge as Manchin hits brakes on Biden electric vehicle push

Lithium concept

MF3d/iStock via Getty Images

Senator Joe Manchin told the LNG Allies’ Transatlantic Energy Security Forum IV event on Tuesday that he “will not sign up” for an aggressive electric vehicle push, which apparently sent lithium industry stocks (NYSEARCA:LIT) plunging across the board.

Among potentially relevant tickers: NASDAQ:PLL -10.8%, NYSE:LAC -10.7%, SLI -7.6%, MP -6.5%, LTHM -6.5%, ALB -3.9%, SQM -3.6%.

Manchin raised two objections to President Biden’s plan for electric vehicles, according to the Washington Examiner: Proposals have not sufficiently addressed who will get the revenue from the electricity used to charge vehicles with taxpayer-funded charging stations, and U.S. critical mineral supply chains are underdeveloped.

“I will not sign up [to transform] our energy and transportation system around EVs that have to be dependent on foreign supply chains,” the Senator said, according to the Examiner.

At the same event, Manchin reportedly expressed frustration over slow gas pipeline approvals and asked the Biden administration to be more “open-minded” in its energy policy response to the war in Ukraine.

Lithium names were rising in recent days following initial reports that President Biden would sign the Defense Production Act to encourage domestic production of minerals needed to make batteries for electric vehicles.

Read More: Lithium names plunge as Manchin hits brakes on Biden electric vehicle push

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