Part 6/12:

The situation is even worse for midstream manufacturers, with revenue for 107 listed lithium battery companies in the first quarter of 2024 falling by 18% year-over-year, and net profits slashed in half. Downstream demand continues to shrink, with growth in sales for new energy vehicles in China slowing to below 20% in the first quarter of 2024, far lower than the over 90% growth rate seen in the same period in 2023.

The Vicious Cycle of Decline