AGY Shorts, page-620

You're only telling one side of the story. In not so positive news for EV demand, the following have recently occurred:

- Honda and GM abandoned a US$5b plan to jointly develop cheaper EVs.
- VW just cancelled plans for a $US2b EV factory in Germany.
- GM just dropped it's 400,000 EVs by 2024 target and are now focused on meeting "near term demand" rather than specific production/sales targets for EVs.
- GM have just postponed production of the EV Silverado and Sierra to 2025 due to weak demand.
- Tesla is now slowing plans for development of Giga-Mexico.
- LG Energy Solutions have stated that EV demand could be lower than expectations.
- Ford has cut production of the F150 Lightning by a third and announced a postponement of US$12b worth of EV production.
- CATL just had it's weakest quarter since the beginning of last year.
- Panasonic have recently cut production of EV batteries due to slowing demand.

And it goes on....

The point is, it's important to be aware of what is actually happening in the EV market, and not just focus on the good news stories. Like it or not, EV demand is starting to cool. We could argue all day about how long the lull in demand will last and why, but the reality is that there are a number of indicators showing that demand is dropping for the time being, and this is quite obviously affecting demand for lithium.