Even if batteries increase now, they will drop more in the future as production capacity ramps up. Same thing happens again and again for every other tech curve, for example solar. A price drop suddenly makes an entirely new application class cost feasible, and there's a non-linearity in the demand function, and demand explodes.
We are currently at one of those non-linear increases in demand. Additionally, we are experiencing massive supply chain bill whip effects across the entire economy.
Increasing extraction is happening and will continue to happen. But also take into account that a lot of the price drops come from needing to use fewer input materials.
Rare earths are not relevant for current battery technologies. Further, there are plenty of other sources of rare earths that will open up as we need more in the future.
We are currently at one of those non-linear increases in demand. Additionally, we are experiencing massive supply chain bill whip effects across the entire economy.
Increasing extraction is happening and will continue to happen. But also take into account that a lot of the price drops come from needing to use fewer input materials.
Rare earths are not relevant for current battery technologies. Further, there are plenty of other sources of rare earths that will open up as we need more in the future.