Supply deficits are predicted on the basis of growing EV demand. I've yelled this until I'm blue in the face, but the EV forecasts are fanciful.
Easy gains have been made for early movers and the more affluent, nobody needs to buy a new EV. Simply hold on to your old car a little longer if money is tight. Additionally, not everyone is convinced, and for a large majority it will only ever be a second car.
When lithium prices are so sensitive to the smallest changes in demand, it stands to reason it works the other way as well.
Spodumene Prices, page-3408
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