May 1 (Reuters) - Albemarle, the world's largest

producer of lithium for electric vehicle batteries, on Wednesday

missed first quarter profit estimates on lower prices.

Softening Electric Vehicle (EV) demand has knocked down

global lithium prices, impacting lithium producers such as

Albemarle. Many producers worldwide have cut production and

reduced their workforce.

Lithium prices had fallen by more than 80% in the year

up to March, according to a basket tracked by Benchmark Mineral

Intelligence.

Quarterly adjusted core profit from its energy storage

segment was $198 million, compared with $1.57 billion the

previous year.

The energy storage segment, its largest by revenue, focuses

on products and technologies that enable the development and

production of lithium-ion batteries used in electric vehicles.

The company reported an adjusted profit of 26 cents per

share for the quarter ended March. 31, compared with analysts'

average estimate of 27 cents per share, according to LSEG data.