Industry Discussion - EVs / Battery Storage/ Lithium Market etc., page-16

There is NO hype - too much enthusiasm in 2021/2022 year, which drove prices to astronomical levels.

Here is the data:

In the first 11 months of 2023, 8.3 million units of new energy vehicles were sold, accounting for more than 30% of total car sales, according to data released last month by the China Association of Auto Manufacturers.

And they sold another 1.1M NEV in Dec 2023. They puts the total at around 9.4M NEV for the 2023 year, which is a 36% increase from 2022 year - that is an increase of 2.4M NEV sold in 1 year.

Furthermore, the 2024 year estimate is for another increase of 2.1M NEV sold, to a total of 11.5M NEV; and that's the conservative estimate.

The more bullish estimate is for another increase of 3.6M NEV sold, to a total of 13M NEV.

It is estimated that NEV sales in 2024 could reach 11.5 million units, up from an estimated 9.4 million in 2023, according to a report released by the China Association of Automobile Manufacturers (CAAM) on December 11.

Zhang Yongwei, vice president of China EV100, a major think tank for the EV sector, estimated on December 27 that China's NEV sales in 2024 could reach 13 million units, representing a yearly growth of 40 percent.

Lastly, one should note, most countries around the world are banning new ICE cars by 2035 - that means approximately 100M new cars produced per year will need to be NEV from 2035 onward.

To get from circa 15M NEV cars sold, worldwide currently (end of 2023) to 100M NEV cars sold in 2035, the industry will need to expand capacity and demand for Lithium in a massive way - that is around 600%!!!