I think the point is the cost of lithium is not the major cost...

I think the point is the cost of lithium is not the major cost in producing devices that use lithium based storage.

That doesn't reduce the demand for lithium or cap its price, indeed it may allow lithium prices to increase a lot without having as big an impact on the cost of the device.

The big issue for lithium value (and the future share price for lithium producers) is in the future, how much economic supply of lithium there will be and how much demand for it will exist?

If lithium supply (at economic cost) greatly exceeds demand then there won't be a lot of gravy for producers - manufacturers will be able to bargain the prices down. In that case low cost producers will do well as they can meet all the demand, high cost producers will be unable to compete in the limited market and they will shut down.

However if in the future supply is struggling to match demand then the price for lithium will go up even if there are low cost producers - the low cost producers will get lots of cream but they can't supply all the demand - high cost producers will also have buyers at prices they charge and so make money).

So the bet is - what will the future demand and supply situation be like? Demand greatly exceeds supply? Supply greatly exceeds demand? Somewhere in between? And what time frame are we talking? Make your guess and place your bets!