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Public Market Performance
(% change from 1/1/2024)
Constrained demand for EVs continues to drag on public market performance of battery companies
INCUMBENT BATTERY
BATTERY STARTUP
EV STARTUP EV CHARGING LITHIUM
Categories
Incumbent Battery
Lithium
Battery Startup
EV Startup(2)
EV Charging(1)
Key Drivers
Slow Demand from EV OEMs in 2024 with preference for Hybrid EVs. Optimism from new battery product launches featuring higher energy density and lower costs
LCE spot price is down ~30% from the beginning of the year. Softening Li demand has led Miners to reduced CapEx plans to right size P&L
High CapEx for battery factories and mixed customer offtake terms
Operating below profitability inflection point while battling lower EV demand
Low utilization, unforeseen maintenance issues, and poor user experience
Constituents Source: CapIQ(1/1/2025) Indexes are market cap weighted. (1) August 2024 Tritium acquired by Exicom; (2) Fisker was delisted in March 2024
Extracted from the PDF; charts and images may read imperfectly.
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