I don't think you need to have a conspiratorial debate to work it all out. The answer is really quite simple.
1. There is excess supply in the short run.
2. Demand has not continued to grow at the same rate. Given more supply has come online this has created a glut.
3. As the price gets lower marginal suppliers get turned off.
4. Future demand will no doubt continue to grow, but will it continue to outpace supply growth? (Nobody really knows, but best guess is yes)
5. As battery prices come down, EV projects become more economic and we should see more products come to market.
So short run, nobody knows - however spot prices are really the best guage of supply and demand.
Long run, nothing seems to have changed at this point, but we won't know for a while!
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