Finance

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 Startup2

EV Charging1

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: CapIQ1/1/2025 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.