If Chinese hybrid/EV penetration is currently 50%, you're only getting 60% growth between now and 80%. The days of double digit demand growth for lithium coming from the EV side is numbered IMO, particularly when the rest of the world has stalled or is experiencing negative growth in many markets. And not to mention that the average size of a battery in China is decreasing with the increasing popularity of hybrids. Many holders have been cottoning onto this recently because they have now pivoted and are clinging onto ESS for demand growth.
The size of an average battery in South East Asia is a fraction of that in the western world, so you have to have a ridiculously high penetration rate to have any noticeable impact on demand.
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