Morgan Stanley Wrong on Lithium, page-12

Sounds familiar. These 'analysts' have always been playing catch up at best or something more sinister at worst. Always underestimating demand.

* Macquarie made a prediction that EV sales this year would grow by 30-40%. They are sitting at 64% globally. They were wrong from the first month onwards.
* A 50% EV sale growth rate gives 28% EV annual sales penetration by 2025. That's well north of 1000kt of LCE just from electric cars.
* The reports predicting oversupply are coming out with 600kt/year demand figures by 2025.

Additionally, the same people have been overestimating supply. They neglect that 2/3 of projects don't hit their timelines and take company plans/timelines as gospel.