Bloomberg NEF is actually making the point that we're heading for battery oversupply next year:
https://about.bnef.com/blog/china-already-makes-as-many-batt...Not just by a little bit, but by a huge margin. They are predicting prices will come down and that especially new, costly batteries will have a hard time competing with the more established manufacturers dropping their prices.
We'll make more batteries in the next few years than we have ever made. Production is growing from slightly below 1 twh/per year to multiple terawatt hours per year. Bloomberg NEF puts demand for next year around 1.6 twh/y and is tracking 7.9 twh/y of investments related to new factories. Not all of those will get built but that's a lot of capacity and lithium demand. Yet prices are dropping, as you pointed out. That's because there's plenty of lithium and we don't have a shortage anymore.
Despite a lot of lithium being in places like Chile and Bolivia, Australia is actually the top producer of it. Chile is about to loose its number 2 position to China: https://www.visualcapitalist.com/ranked-the-worlds-largest-l...
All this is of course before you start considering battery chemistries that don't use lithium. Sodium ion is looking pretty good right now. No lithium, cobalt, nickel, etc. And used for some cheap cars and grid storage already. Especially for grid storage, lithium based batteries aren't necessarily the most obvious thing to use.