MP Materials Starts Shipping Rare Earth Metals -- at the Worst Time Possible
Pity a commodities stock in a cyclical market even when the commodity in question is one of the hottest natural resources on the planet.
Ever since the green revolution got underway, and especially since the Biden administration got its green energy-friendly Inflation Reduction Act passed last year, with billions of dollars of subsidies for technologies such as electric cars and rechargeable batteries and wind turbines, investors have looked for ways to profit off the trend toward greater American investment in renewable energy. And one of the most obvious candidates to benefit from this trend (one would think) was MP Materials (NYSE: MP), the biggest American miner of rare earth elements used to make permanent magnets used in electric vehicles and wind turbines.
But here's the thing: MP Materials reported its third- quarter 2023 earnings earlier this month, but instead of making bank, the company had to report a loss.
Source Fool.com
