Batteries remain a paramount concern for the global economy as EV sales boom, automotive supply chains localize, and governments incentivize the proliferation of renewable technologies. Pricing for lithium has been declining in 2023 as new supplies come on the market, and EV sales growth in China fell short of industry expectations. However, signs of price increases are appearing, and lithium may enter a shortage by 2025. For buyers, now is the time to lock in lithium supplies with the most favorable pricing terms.