I would argue the fact is EVs just never got the sales people were forecasting, the numbers show there's now a bigger focus on hybrids which require much less lithium, so the oversupply likely remains a problem for longer. GS and MS both reckoned 2026 iirc
It's funny how everyone was claiming GS were just down ramping so they could load up in 2022 when they told everyone lithium was going to be oversupplied, 2 years into a massive bull run as if they weren't loaded up before then haha. People will still be insisting that GS and MS are just trying to manipulate the prices ........ same thing happened in 2018
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