"Battery costs have already fallen and are expected to drop further. We assume a 35% fall in battery pack prices by 2025, resulting in what started off as a luxury car market trend becoming more mainstream. Moreover, as demand for graphite, lithium, cobalt, manganese and copper rise, auto and battery industries will be forced to look for alternative materials making investments in certain commodities or commodity-related sectors one of the most volatile parts of our smart mobility theme." [0]
They are already assuming prices drop 35% in another 4-5 years for battery packs and still are saying auto and battery companies will be forced to look elsewhere…
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[0] https://www.ubs.com/global/en/wealth-management/chief-invest...