BASF, Eramet Cancel $2.6 Billion Nickel Project on EV Slump (2)

BASF SE and Eramet SA abandoned plans to spend up to $2.6 billion building a nickel-cobalt refinery in Indonesia, reversing course after slowing sales growth for electric vehicles crimped demand.

Global availability of battery-quality nickel has improved since the project was conceived, BASF said Monday in a statement. A surge in EV sales has also dimmed in the past year, leading to declines in nickel and cobalt prices.

BloombergNEF this month slashed its battery-electric sales estimates by 6.7 million vehicles through 2026. The slowdown is particularly marked in Europe, BASF’s home market, and the US. Companies including Volkswagen, Stellantis ...