Morgan Stanley forecasts 30 per cent drop in lithium prices by 2025, page-54

I don't know why people keep talking about EV adoption and ICE on lithium miners threads.
The only thing that it's important for PLS holder is how quickly can supply flood the market to meet the demand!

And all the narrative of MS being stupid and not realising that lithium miners can't build the mines fast enough to meet demand has been completely and utterly debunked by miners overloading market with new supply.
There is a wall of new supply in reserve to flood the market again and again with supply. Like AVZ, Rio Tinto's Jadar, etc. That's even if you ignore PLS, SQM, etc and their expansion plans well underway in planning stages.

I really can't see lithium prices shooting up for a long period (and that's if no new deposits are discovered or progressed).
The name of the game is low cost and quality producer now!
As soon as the new supply is needed 1 of these producers will rump up to meet it (like PLS stage 2).
A lot of current producers will be taken over by bigger fish like in any depressed market.
How many EVs hit the market is really irrelevant for good few years.