Lithium prices which were down 20% over the five month peak last time I checked are now closer to 30% off the highs and heading south fast.

https://tradingeconomics.com/commodity/lithium

People who paid top dollar for used IC autos in the last few years are going to be regretting it when EV prices collapse and the market is flooded with unwanted ICs.

If you look at that five year lithium carbonate price chart, you notice that the bubble began in 2022. This was when the LiFePO4 patents expired. That meant any manufacturer could make batteries without cobalt and that caused the spike in lithium as that was the next bottleneck. That bubble, though, also led to a massive investment in new lithium production which never was rare to begin with. Now that it's starting to come on-line, we are heading for much lower battery prices. That's good news but it also means there will be follow-on consequences.

If Ford's EV numbers turn out to be accurate or even conservative, what does that mean for oil prices?