At the same time, the flood of new supply in recent years, which producers in Australia and elsewhere are only now fully coming to grips with, saw lithium prices languish at levels roughly 80% below their peak.
At Adamas Intelligence, a Toronto-based battery metal and EV consultancy, we expect Asia Pacific, led by China where EVs now represent more than half of all vehicles sales, to continue to drive the global EV market in 2025 and beyond.
We’re also optimistic about prospects for a reacceleration of EV sales in the Americas and Europe, although the introduction of trade restrictions by the EU on made-in-China cars and the incoming Trump administration’s plans for broad trade tariffs and a walk-back on climate goals are wildcards.
With battery material costs lower across the board, greater affordability should also provide support for the market next year. In 2025, Tesla aims to increase EV…
