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America’s transition to electric vehicles is running into an unexpected snarl.

A surprising crash in prices for lithium, cobalt and other metals used in EV batteries is hitting mining companies, which are suspending or delaying new projects and expansions. The disruptions are threatening to deepen shortages of those materials in coming years and hit the brakes on the Biden administration’s timeline for weaning the country off gas-powered cars.

“This situation is a bit dangerous because the mines aren’t going to get built,” said Anthony Milewski, chief executive of nickel producer Nickel 28, who is a longtime investor in battery metals. “We should be building those mines now and we’re not.”

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