Trump takes aim at EVs in early actions

Market: Battery materials, Metals
21/01/25

US President Donald Trump put in writing his long-exepected plans to undo any incentives for electric vehicles (EVs), proclaiming the end of "the EV mandate".

In the Executive Order "unleashing American Energy", Trump called for "... the elimination of unfair subsidies and other ill-conceived government-imposed market distortions that favor EVs over other technologies and effectively mandate their purchase by individuals, private businesses, and government entities alike by rendering other types of vehicles unaffordable."

The order takes aim at other environmental efforts from the administration of former president Joe Biden, including rolling back Environmental Protection Agency powers on greenhouse gas emissions.

The "EV mandate" is a term used by Trump regarding Biden's 2021 executive order "Strengthening American Leadership in Clean Cars and Trucks" which aimed for 50pc of US new vehicle sales to be electric by 2030.

Trump's move could signal the eventual end of the $7,500 tax credit for EV purchases, which applies only if vehicles meet critical mineral and battery component requirements. The requirements aim to strengthen the US domestic EV supply chain and reduce reliance on China.

By Carol Luk

Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

News

06/03/25

US gov layoffs lead Feb job cuts: Challenger

Houston, 6 March (Argus) — US-based employers announced 172,017 job cuts in February, the highest for the month since 2009, led by federal job cuts, according to consultancy Challenger, Grey & Christmas. The total for February is a 245pc increase from 49,795 cuts announced in January and is up by 103pc from a year prior. The government led all sectors in planned job cuts, with 62,242 cuts announced from 17 different agencies as part of the Department of Government Efficiency (DOGE)'s mass layoffs and contract cancellations. Employers in the first two months of 2025 announced 221,812 job cuts, the highest for the two-month period since 2009, when 428,099 job cuts were announced. The year-to-date total is up by 33pc from a year ago. "With the impact of the Department of Government Efficiency [DOGE] actions, as well as canceled government contracts, fear of trade wars, and bankruptcies, job cuts soared in February," said Andrew Challenger, senior vice president for Challenger, Gray & Christmas. An order to fire about 200,000 probationary federal employees was blocked by a federal judge, Challenger said. "When mass layoffs occur, it often leaves remaining staff feeling uneasy and uncertain," Challenger said. "The likelihood that many more workers leave voluntarily is high." The Challenger report comes a day before the monthly employment report from the Labor Department. Analysts surveyed by Trading Economics forecast 160,000 nonfarm jobs were added last month, up from 143,000 in January. The jobs report is based on a survey that includes the pay period encompassing the 12th of the month, while most of the job cuts captured by Challenger were in the latter part of the month. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Find out more

News

Tosyali Toyo stops rolling line after fire

06/03/25

News

06/03/25

Tosyali Toyo stops rolling line after fire

London, 6 March (Argus) — Turkish re-roller Tosyali Toyo has stopped production at one rolling line at its Osmaniye site after a fire broke out on Sunday, market participants told Argus . Tosyali Toyo declined to comment. A fire occurred but it was contained to the Toyo facilities, a source at the Osmaniye Organised Industrial Zone said. Production at the impacted line will be halted for about three months, one market source said. The Osmaniye site has a 1mn t rolling capacity and manufactures tins, galvanised sheet, dyed sheet, cold rolled sheet and pickled-oiled rolls, according to the company's website. Market participants added that Toyo might be seeking to offset any disruptions by using a production line owned by a different Turkish re-roller. This week cold-rolled coil offers in the Turkish market moved up by roughly $10/t to $680-700/t ex-works. By Carlo Da Cas and Elif Eyuboglu Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Rio Tinto completes Arcadium Lithium takeover

06/03/25

News

06/03/25

Rio Tinto completes Arcadium Lithium takeover

London, 6 March (Argus) — Global mining giant Rio Tinto has today completed its $6.7bn buyout of global chemicals producer Arcadium Lithium, soon to be renamed Rio Tinto Lithium. Rio confirmed that it would buy Arcadium in October 2024 , the seventh-largest lithium producer in the world by market capitalisation as of January 2024. Rio Tinto aims to bring its lithium assets to about 200,000 t/yr of lithium carbonate equivalent by 2028. In 2024, Arcadium sold 42,300t of lithium salts, including lithium hydroxide and lithium carbonate, along with 140,000 dry metric tonnes of spodumene concentrate. The company posted net income of $131.7mn in 2024, down from $330.1mn in 2023. The firm had to suspend some operations at its Mount Cattlin mine in Western Australia while also delaying its expansions . Arcadium will place its Mount Cattlin mine into care and maintenance by the middle of the year, after suspending it in September on low prices, potentially placing upward pressure on prices. The top three lithium mining companies accounted for around 54pc of global production in 2023, a higher portion than the 15pc for nickel and 47pc for cobalt, according to the IEA. Market participants told Argus earlier this year that lithium prices are unlikely to recover until the second half of 2026 on high inventories and a glut of supply set to come on line (see graph) . "Arcadium and the predecessor companies failed to advance a world class suite of assets on a timely basis," Global Lithium Podcast host Joe Lowry told Argus . "Hopefully that will change being part of a large company with a significant balance sheet." By Chris Welch Lithium carbonate equivalent (LCE) production t Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Lundin to option Talon's Cu, Ni US exploration site

06/03/25

News

06/03/25

Lundin to option Talon's Cu, Ni US exploration site

London, 6 March (Argus) — Canada-based firm Lundin Mining has agreed to negotiate an earn-in deal with US-based mining company Talon Metals for the right to buy a majority stake in Talon's Boulderdash exploration site in Michigan, US. Lundin Mining could buy a 70pc stake in the Boulderdash site, which is next to Lundin's Eagle nickel and copper mine. Nickel and copper was first found at the exploration site in October last year. Recent drilling found copper and nickel deposits with grades of 2.95pc and 2.33pc, respectively. Along with signing the agreement, Lundin has given Talon a $5mn advance to start further drilling at Boulderdash. Lundin plans to fund up to 30,000m of drilling at Boulderdash for a 44.625pc stake. The drilling will be done in 10,000m phases. After completing the 30,000m, Lundin Mining would fund a feasibility study for an additional 25.375pc stake, which would give Lundin 70pc ownership. And Lundin will have the option to have 90pc ownership in nearby properties. If the two firms do not complete an agreement, Talon will either repay the $5mn advance or issue shares to Lundin. The Eagle mine and the adjacent Boulderdash site are linked by road to the Humboldt processing mill. The Eagle mine is forecast to produce 8,000-11,000t each of nickel and copper this year, according to Lundin's production guidance. By Ellanee Kruck Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

News

Japan’s domestic EV sales drop further in February

06/03/25

News

06/03/25

Japan’s domestic EV sales drop further in February

Tokyo, 6 March (Argus) — Japanese domestic sales of passenger electric vehicle (EVs) fell on the year for a 16th consecutive month in February, mostly because of lower demand for domestic brand EVs. Sales totalled 4,390 units in February, fell by 20pc from a year earlier, according to data from three industry groups — the Automobile Dealers Association, the Japan Light Motor Vehicle and Motorcycle Association and the Japan Automobile Importers Association (JAIA). Sales were also down by 3.8pc on the month. EVs accounted for 1.2pc of the country's total passenger car sales in February, down by 0.7 percentage points from a year earlier. The fall in EV sales is mostly attributed to weaker demand for domestic brand EVs. Sales of Nissan's Sakura, the country's top selling EV model, fell by 33pc on the year to 1,760 units. Demand for foreign brand EVs remained firm in February, according to JAIA's representative who spoke to Argus . Sales of foreign brand passenger EVs rose to 1,829 units, up by 11pc from a year earlier, marking the fourth consecutive month of year-on-year growth. Imported EVs accounted for around 42pc of Japan's total domestic EV sales, up by 12 percentage points from a year earlier. Chinese manufacturer BYD resumed normal shipments in Japan after a partial delivery suspension in January , according to JAIA. By Yusuke Maekawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more