(Reuters) - Albemarle, the world's largest lithium producer, said on Thursday it lost more than $1 billion in the third quarter and that it would slash its capital budget amid a 71% drop in prices for the electric vehicle battery metal.

The Charlotte, North Carolina-based company reported a net loss of $1.11 billion, or $9.45 per share, compared to a net profit of $302.5 million, or $2.57 per share, in the year-ago quarter.