LONDON, October 18, 2025 — Benchmark Mineral Intelligence, the UK-based research and pricing firm specializing in energy transition minerals, has laid off roughly 20% of its staff, sources familiar with the company confirmed. The move reflects the mounting pressure from a slowdown in the electric vehicle (EV) industry and a steep decline in prices of critical battery materials like lithium.

Founded in 2014, Benchmark Mineral Intelligence has become a major player in tracking and analyzing prices for minerals essential to the global clean-energy supply chain, including lithium, cobalt, nickel, copper, and graphite. The firm’s clients range from EV manufacturers and miners to policymakers and investors, relying on its insights to make strategic decisions in a volatile commodities market.

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Restructuring Aims to Strengthen Core Operations

According to three people familiar with the matter, around 40 employees were let go from a workforce of roughly 200. The cuts reportedly affected several departments, including sustainability, marketing, and sales.

CEO Andrew Miller confirmed in an emailed statement that the firm had undertaken a “recent restructuring,” describing it as part of Benchmark’s long-term strategy to “strengthen the quality and delivery of Benchmark’s offering” and focus on technology and AI investments.

Miller declined to elaborate further on the specifics of the job cuts but emphasized that Benchmark remains committed to data accuracy, transparency, and innovation as the energy transition accelerates globally.

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Lithium Price Crash Undermines Market Confidence

Industry analysts suggest that Benchmark’s retrenchment is linked to the ongoing collapse in lithium prices, which have plunged sharply from their record highs in 2022. Prices have fallen due to slower-than-expected adoption of electric vehicles, coupled with rising production costs and supply surpluses in key markets like China and Australia.

A source close to the company told Reuters that weak pricing for critical minerals has “dragged down client spending and data licensing demand,” impacting Benchmark’s revenue growth.

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EV Market Headwinds Weigh on Outlook

In a research note published last week, Benchmark warned of a significant drop in U.S. EV sales expected in the final quarter of 2025. The firm attributed this decline to a combination of high manufacturing costs, reduced consumer incentives, and escalating trade tariffs that are forcing automakers to scale back production plans heading into 2026.

These findings echo broader industry concerns. Several major carmakers — including Tesla, Ford, and Volkswagen — have recently announced delays in EV rollout schedules amid a cooling market and intensifying regulatory uncertainty in the U.S. and Europe.

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Mergers and Market Expansion: A Brief History

Benchmark has experienced rapid growth over the past few years, benefiting from the global rush toward electrification and renewable energy. In 2024, the company acquired Rho Motion, a leading EV market research firm, in a move designed to consolidate expertise across the battery materials and electric mobility sectors. The combined entity had around 250 employees before the recent workforce reductions.

Despite the layoffs, Benchmark continues to track and publish market intelligence across a wide array of battery and energy transition materials, including manganese, fluorspar, phosphate, and rare earth elements — key inputs in the clean energy and defense industries.

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Analyst View: Restructuring Reflects Industry Reality

Experts say Benchmark’s decision underscores the broader challenges facing the EV supply chain ecosystem, where optimism about long-term demand contrasts sharply with short-term market volatility.

“Benchmark’s downsizing isn’t a reflection of poor management — it’s an acknowledgment of a cooling cycle in EV materials pricing,” said a London-based commodities analyst. “As lithium and cobalt prices stabilize, companies like Benchmark are adjusting their models to remain agile.”

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Key Takeaways:

• Benchmark Mineral Intelligence cut about 20% of its staff, affecting ~40 employees.
• CEO Andrew Miller confirmed a restructuring focused on technology and AI investments.
• The firm cited weak pricing for lithium and other battery metals as a key pressure point.
• Benchmark forecasts a decline in U.S. EV sales in Q4 2025, citing tariffs and high costs.
• Benchmark continues to cover a broad spectrum of critical minerals data and pricing globally.