Projected Growth of the Global Automotive Lithium-Ion Battery Market: Capacity Forecasts 1 9 • Diversifying battery chemistries and metal sourcing could help reduce the cost of batteries, which currently account for 40-50% of electric vehicle (EV) total cost. 2 • Lithium-ion battery pack prices have decreased by 14% to a new low of $139/kWh in 2023, driven by declining raw material costs and expanding production capacity amid lower-than-expected demand growth. 3 Metals demand from lithium-ion batteries forecast to 2030 4 Global lithium-ion battery demand is projected to grow by 1,829% from 2015 to 2030. 4 0 500 1,000 1,500 2,000 2016 2018 2020 2022 2024 2026 2028 2030 % change from 2015 Passenger EVs Commercial EVs Stationary storage Consumer electronics E-buses 1. Global Automotive Lithium-ion Battery Market: Key Research Findings 2023, January 12, 2024 , retrieved 6/30/2024. 2. Bloomberg, EV Battery Prices Risk Reversing Downward Trend as Metals Surge, September 14, 2022 , retrieved 6/30/2024. 3. Bloomberg NEF, Lithium-Ion Battery Pack Prices Hit Record Low of $139/kWh, November 26, 2023 , retrieved 6/30/2024. 4. Data from Bloomberg New Energy Finance, retrieved 6/30/2024. Projected lithium-ion battery demand, by end-use 4 Metals in Demand Note: Metals demand occurs at ,mine mouth, one-year before battery demand. All metals expressed in metric tons of contained metal ,except lithium, which is in lithium carbonate equivalent (LCE).