After soaring to record highs in 2022, prices of lithium, which is critical to the world's transition to greener energy, have tumbled almost 90%, prompting producers around the world to scale back investment plans.

China’s electric vehicle (EV) battery industry is facing a powerful shake-up. The world’s largest battery maker, CATL, has stopped production at one of its biggest lithium mines, the Jianxiawo mine, after its permit expired.

Contemporary Amperex Technology’s suspension of production at a major lithium mine in mainland China is a clear sign of Beijing’s aggressive stance towards curbing overcapacity in the electric vehicle (EV) battery sector,