The battery market is diversifying beyond lithium-ion. Solid-state tech nears commercialization, while automakers pivot strategies for new markets and supply chains, and recycling emerges as a critical new business model.

Lithium prices are volatile despite market oversupply. Nickel faces a surplus but stable prices, while cobalt sees a price split. LFP battery materials are in a fiercely competitive expansion phase.

New US tariffs and China's "anti-involution" policy are reshaping the global battery supply chain, forcing a strategic shift towards localized production and supply chain resilience.