Bottoming?Chinese have successfully kept everything where they want it throughout this bear. Chinese in country NEV sales have now surpassed 50 percent! Their overall pace of galloping away from reliance on fossil fuels is astounding. Sure they still need to build load levelling capacity using coal for example, but they are by far slanted towards all renewables. However the resource rape that is occurring, such as Myanmar heavy rare earths, or Indonesian laterite nickel, or direct ship ore out of Africa, is quite disturbing, and in the process this intentional overcapacity has left North American developers in a pickle with these collapsed prices. Severely hampering NA efforts is the "weird" political phenomenon that we have to walk on egg shells so as to not roil the "forever fossilized minds" amongst us.
No doubt, in the here and now, it's all about what eventually shakes out come the November 5th stateside election. On one hand I partly feel that the US GOP hostility towards decarbonization is partly responsible for pushing $43 B of EV manufacturing investment to Canada thus far. So either way, Canada may further benefit.