Global Battery Supply Forecast to 2030 // Lithium & Sodium Ion

Welcome back everyone, I'm Jordan Geesege, and this is The Limiting Factor. This video is the fourth section of a full two-hour long video on the global lithium supply chain that's currently available for paid supporters on Patreon, YouTube, and X.

大家再次欢迎回来，我是乔丹·吉斯吉，欢迎收看《局限因素》。本视频是全长两小时的有关全球锂供应链的第四部分，目前仅对Patreon、YouTube和X等付费支持者开放。

In the last video, I walked you through all the potential regions and sources of mined lithium supply and how we might expect lithium supply to exceed the forecast from each of those regions and sources. Today I'm going to take that information and use it to create an updated global lithium supply forecast. From there, we'll explore forecasts for sodium ion battery supply and use that information to develop a full and final forecast for battery supply from both lithium and sodium ion batteries.

在上个视频中，我为您展示了所有可能的镁矿供应地区和来源，以及我们可以预计镁矿供应将超出每个地区和来源的预测。今天我将利用这些信息创建一个更新的全球镁矿供应预测。然后，我们将探讨钠离子电池供应的预测，并利用这些信息制定一个包括镁离子电池和钠离子电池两种电池供应的完整和最终预测。

With that forecast in hand, in the next video of the series we'll look at what the total global battery supply forecast could mean for Tesla's growth later this decade.

有了这个预测，我们在系列的下一个视频中将探讨全球电池总供应预测对特斯拉未来十年的增长可能意味着什么。

Before we begin, a raft of credits and thanks are in order. Feel free to skip this part of the video and move to the next time stamp if you watched the previous video. I'm including the thanks and credits on each video in the series for the people who haven't seen the other videos. That's because it's not just a thanks, it lets viewers know the quality of my sources and peer review.

在我们开始之前，有一系列的致谢和感谢需要表达。如果你已经看过上一个视频，可以随意跳过这一部分并移至下一个时间节点。我在系列视频的每个视频中都包括致谢和感谢的内容，是为了那些还没有看过其他视频的人。这不仅仅是一种感谢，还可以让观众知道我信息来源和同行评审的质量。

First, Viva's Kumar reviewed the draft script. Viva's was directly involved with Tesla's battery supply chain for nearly three years, where he negotiated billions of dollars of material spend and also did strategic analysis and forecasting for battery materials. After that he worked for benchmark mineral intelligence for nearly three years. He's now co-founder and CEO of Mitra-Kim. If you'd like to know more about that, check out my interview with Viva's Anchiro.

首先，Viva的Kumar评论了这份草稿剧本。Viva的在特斯拉的电池供应链上直接参与了近三年的时间，在这期间，他谈判了数十亿美元的材料采购，并进行了电池材料的战略分析和预测。之后他在Benchmark Mineral Intelligence工作了将近三年。现在他是Mitra-Kim的共同创始人兼首席执行官。如果你想了解更多信息，请查看我与Viva的Anchiro的采访。

Next, my sources. Rodney and Howard of ArcAequity, a Lithium Analysis and Advisory firm, spent several hours and long email threads answering detailed questions about mine development. If you're interested in their work, you can connect with them on Twitter with the details on screen or follow the Rockstock channel on YouTube. Cameron Perks of benchmark mineral intelligence walk me through how lithium supply and demand is evolving over time. I recommend following benchmark mineral intelligence and their CEO Simon Moore's on Twitter to keep up to date with the Lithium industry. Lars Lee's doll provided key data for this video around lithium refining capacity versus production. And beyond that, I've used a number of graphs from Ristat Energy over the years. You can also follow Lars on Twitter. Austin Devaney helped me put a finer point on a few topics around hard rock lithium mining. Austin was an executive at Alba Morrow and Rockwood Lithium for nearly 10 years, which is one of Tesla's largest lithium suppliers and now has been at Piedmont Lithium for the past three years, which has an agreement for future supply to Tesla. Bradford Ferguson and Matt Smith of Rebellionair.com reviewed the final release candidate of the video from an investor lens. Rebellionair specializes in helping investors manage concentrated positions. They can help with covered calls, risk management and creating a financial master plan from your first principles. Bear in mind, this video is not investment advice and always do your own research.

接下来，我要谈谈我的信息来源。Rodney和ArcAequity的Howard是一家锂分析和咨询公司，他们花了几个小时以及长时间的邮件讨论回答了关于矿业开发的详细问题。如果你对他们的工作感兴趣，你可以在屏幕上的细节上与他们联系，或者关注他们在YouTube上的Rockstock频道。Benchmark Mineral Intelligence的Cameron Perks向我解释了锂供需如何随时间发展。我建议关注Benchmark Mineral Intelligence和他们的首席执行官Simon Moore在Twitter上以了解锂行业的最新动态。 Lars Lee's doll为本视频提供了关于锂精炼能力与产量的关键数据。除此之外，我多年来还使用了Ristat Energy的许多图表。你还可以关注Lars在Twitter上的动态。Austin Devaney帮助我更好地理解了有关硬岩锂矿开采的几个问题。Austin在Alba Morrow和Rockwood Lithium担任高管近10年，这是特斯拉最大的锂供应商之一，并且现在在Piedmont Lithium工作了过去三年，该公司与特斯拉有未来供应协议。Rebellionair.com的Bradford Ferguson和Matt Smith从投资者的角度审查了视频的最终版本。Rebellionair专注于帮助投资者管理集中仓位。他们可以提供期权交易、风险管理和根据你的首要原则制定财务计划的帮助。请记住，本视频并非投资建议，请始终进行自己的调查研究。

Finally, despite all the input I received from some of the leading experts and information sources in the Lithium industry, all the opinions in this video are my own. There are differing views and forecasts within the Lithium industry that I had to reconcile and combine with my own insights and expectations. With regards to the peer review, it was for factual accuracy and a sanity check rather than for crafting the tone and conclusions of the video.

最后，尽管我从锂行业的一些领先专家和信息来源中获得了许多意见，但这个视频中的所有观点都是我自己的。在锂行业内存在着不同的观点和预测，我必须将其与我自己的见解和预期结合起来。至于同行评审，它是为了确保事实准确性和合理性，而不是为了制定视频的语气和结论。

Overall, my goal was to create the most comprehensive resource out there on how global lithium supply and battery supply will evolve this decade and how that relates to Tesla. So if you feel like I've hit the mark and get value from the video or my content in general, toss a coin to your witcher. Making a video like this takes months and generally, analysis like this would be packaged up by an analyst house and put in a report that costs thousands or even tens of thousands of dollars. Generally, I make about $2-600 per video in YouTube ad revenues. That is, it's the direct support that I get from less than 1% of subscribers through Patreon, YouTube and Twitter that makes the channel possible. The details for support are in the description.

总的来说，我的目标是创建一个关于全球锂供应和电池供应在本十年内如何发展以及与特斯拉的关系的最全面的资源。所以，如果你觉得我达到了这个目标，并从这个视频或我的内容中获得了价值，不妨给你的巫师投一枚硬币。制作这样的视频需要数月时间，通常这样的分析会由一家分析机构整理成一份报告，售价可能是数千甚至数万美元。一般来说，我从YouTube广告收入中每个视频能赚到2-600美元。也就是说，我得到的直接支持来自不到1%的订阅者通过Patreon、YouTube和Twitter，正是这些支持让这个频道有可能存在。具体的支持细节在描述中有说明。

Picking up where we left off in the last video, I've made this table showing what I view as the realistic potential upside from benchmark mineral supply forecast data for each Lithium producing region in 2027 and 2030. The benchmark forecast for Lithium supply in 2030 is 3.5 TWh. Based on the country by country walkthrough for mined Lithium supply in the last video, I added 1 TWh from China, 0.4 TWh from Africa and then put in the 0.1 to 0.2 TWh each for the rest of the regions. That means a total Lithium supply of 5.4 TWh in 2030 versus the 3.5 TWh currently forecast by benchmark, which is a 55% increase. So by my estimate, global Lithium supply comes up 29% short of benchmark 7.6 TWh high-case demand scenario in 2030. That's not the end of the world because total Lithium supply will still increase by about 4 times in the next 7 years. It just means that due to a lack of mining investment, we may not see the 5 to 6x growth that could have been possible. Note that so far, we've only covered Lithium-ion batteries and a moment will factor in battery supply from sodium-ion batteries as well.

在上一个视频中，接着我们的话题，我制作了这张表格，展示了我对2027年和2030年锂矿物供应预测数据中各个生产地区的现实潜在增长。2030年的锂供应基准预测为3.5太瓦时。基于上一个视频中针对不同国家的锂矿供应逐一说明，我将从中国增加了1太瓦时，从非洲增加了0.4太瓦时，然后对其他地区都加入了0.1到0.2太瓦时。这意味着到2030年，总的锂供应将达到5.4太瓦时，相比于基准预测的3.5太瓦时，增长了55%。因此，根据我的估计，全球锂供应在2030年将比基准7.6太瓦时高需求情景短缺29%。这并不是世界末日，因为总的锂供应在接下来的7年中仍将增长约4倍。这仅仅意味着由于缺乏采矿投资，我们可能无法看到可能存在的5到6倍的增长。需要注意的是，到目前为止，我们只讨论了锂离子电池，接下来将考虑钠离子电池的电池供应问题。

Before we move on to that, it's worth pointing out some of the assumptions that went into this table beyond what was discussed in the country by country walkthrough. First, for Australia, South America, the United States and Canada, I said that we shouldn't expect large increases in mined Lithium supply in the next 4 to 7 years. I dealt with that by assuming that there would be no additional supply from those countries in 2027 and then 0.1 to 0.2 TWh each in 2030. That's because for those countries, the lead time for a new mine is at least 4 years and we're already more than halfway through 2023. So there's not much opportunity for potential upside in 2027. But in 7 years by 2030, there's a pretty good chance we see some new capacity come online.

在我们继续之前，有些假设值得一提，这些假设是在国家对比中没有讨论到的。首先，对于澳大利亚、南美洲、美国和加拿大，我说在未来的4到7年内不应该期望矿石锂供应大幅增加。我通过假设这些国家在2027年不会增加额外供应，然后在2030年分别增加0.1至0.2兆瓦时。这是因为对于这些国家来说，新矿山的前置时间至少为4年，而我们已经过了2023年的一半。因此，在2027年没有太多机会实现潜在的上涨。但是在7年后的2030年，我们有很大的机会会看到一些新的产能投入使用。

Second, I set the 2027 numbers for China and Africa at half the 2030 numbers that we discussed in the country by country walkthrough. That's because I assume they'll see typical S curves for growth where scaling becomes more difficult at higher material volumes.

其次，我将中国和非洲在2027年的数字设定为我们在逐个国家的讨论中所讨论的2030年数字的一半。这是因为我假设它们将经历典型的S曲线增长，即在材料量增加到较高水平时，扩展变得更加困难。

Third, the 7.6 TWh demand figure is just a guidepost. That's because there'll be actual demand for Lithium and latent demand for Lithium. What do I mean by that? The 7.6 TWh of demand is from factories that have already been announced. If I'm forecasting 5.4 TWh worth of Lithium supply, that means some factories simply aren't going to be built because there won't be enough Lithium to feed them. But beyond that, those factories will need a large amount of other materials, skilled workers and machinery.

第三，7.6 TWh的需求数字只是一个指南。这是因为锂的实际需求和潜在需求都存在。我的意思是什么呢？7.6 TWh的需求来自已经宣布的工厂。如果我预测将提供5.4 TWh的锂供应，这意味着某些工厂将不会建造，因为没有足够的锂来供应它们。但除此之外，这些工厂还将需要大量的其他材料、熟练的工人和机械设备。

So there'll be actual Lithium demand from the factories that get built and latent demand waiting in the wings when enough Lithium other materials, skilled workers and machinery are available. So although with further Gigafactory announcements, latent demand could be over 10 Gigawatt hours in 2030, I've adopted Benchmark's high demand case of 7.6 TWh for 2030 as a guidepost for actual demand. But all we really know is that demand will likely exceed supply. It could happen that skilled workers and machinery end up being the bottleneck instead of Lithium, but in my view, that's unlikely for two reasons. First, because the lead times for upskilling workers and building machinery are shorter than the lead time for building a mine. Second, because the lead times to permit, build and commission chemical processing, cathode production and cell manufacturing are all shorter than mining. Other materials could be the bottleneck as well, but I covered that off in the first video of the series. Lithium is working off the smallest base and has to grow the most. But if I'm wrong and Lithium isn't the bottleneck, the net effect for Tesla and the transition to sustainable energy would be the same. A more linear rather than exponential growth rate.

因此，当足够的锂和其他材料、熟练工人和机器可用时，建造的工厂将产生实际的锂需求，并且潜在需求也在等待当中。因此，尽管在未来吉格工厂的进一步公告中，潜在需求可能会超过2030年的10千兆瓦时，但我采用Benchmark的高需求预测，即2030年7.6太瓦时，作为实际需求的指导。但我们真正知道的是，需求可能会超过供应。可能发生的情况是，熟练工人和机器成为瓶颈，而不是锂，但在我看来，这是不太可能的，有两个原因。首先，因为提升工人技能和建造机器的前期准备时间比建造矿山的时间更短。其次，因为许可、建造和投产化学处理、阳极材料生产和电池制造的时间都比采矿时间短。其他材料也可能成为瓶颈，但我在系列视频的第一集中已经讨论过了。锂的基数最小，需要增长最多。但如果我错了，锂不是瓶颈，那对特斯拉和可持续能源转型的影响将是相同的，即增长速度更为线性而非指数级。

Before we move on and while we're on the topic of the ways that I could be wrong, I'd like to emphasize that the odds of my forecast being correct here, or even within 5% of correct, is low. With that said, although my primary goal for this video series was to make the best forecast I can, there were also two secondary goals.

在我们继续讨论之前，关于我可能错的方式，我想强调一下，我的预测正确的几率，甚至是正确程度的5%以内，都很低。话虽如此，虽然我这个视频系列的主要目标是提供尽可能准确的预测，但也有两个次要目标。

First, I laid out my thought process and sources in detail so that if you disagree, you can build on or tweak my thinking based on your own assumptions. I'm not handing down stone tablets here, but rather giving you the tools to make your own.

首先，我详细阐述了我的思维过程和资料来源，这样如果你不同意，你可以根据自己的假设来完善或调整我的思路。我并不是要下达一纸石板的命令，而是给你提供工具，让你能够自行创造出自己的见解。

Second, as much as possible, I've tried to offer useful information and insights to help you understand the Lithium landscape. Which hopefully, if you've made it this far in the video series, you've gotten. However, we're not done yet.

其次，我尽可能地提供了有用的信息和观点，帮助你了解锂行业的现状。如果你一直坚持看到了视频系列的这一点，希望你已经获得了这些知识。然而，我们还没有结束。

As I've said in past videos, I expect sodium ion batteries to hit the market in force in the late 2020s. There's no telling what the actual ramp could look like, but if sodium ion batteries are everything they're advertised to be, the ramp will be aggressive. Let's look at the production estimates that I've seen for sodium ion from lowest to highest, and then we'll look at my forecast, or more accurately, guesstimate, because everyone is just guessing at this point.

正如我在之前的视频中所说的，我预计钠离子电池将在2020年代末大举进入市场。目前还无法确定实际的增长趋势，但如果钠离子电池能够达到它们所宣传的一切优势，增长将会是积极的。现在让我们从预计的钠离子电池产量最低到最高进行分析，然后再看看我的预测，或者更准确地说，猜测，因为现在每个人都只是猜测而已。

First, Wood Mackenzie, which estimates 40 gigawatt hours of sodium ion production in 2030 for their base case, with another 100 gigawatt hours possible if sodium ion has a good launch by 2025. In my view, that estimate is so low that it can be effectively thrown out. That's because there's already 80 gigawatt hours of production capacity planned by 2025, and about 150 gigawatt hours planned by 2030.

首先，Wood Mackenzie估计2030年钠离子生产量为基准情况下的40千兆瓦时，并且如果钠离子在2025年有良好的推出，还有100千兆瓦时的潜力。在我看来，这个估计太低了，可以被有效地排除掉。这是因为到2025年已经计划了80千兆瓦时的生产能力，而到2030年计划了大约150千兆瓦时的生产能力。

Second is ICC Sino, which is expecting 165 gigawatt hours by 2026. I place the most trust in ICC Sino's estimate because it's directly from a Chinese analyst house that's keeping close tabs on announcements and developments in China.

第二个是ICC Sino，预计到2026年将达到165千兆瓦时。我最信任ICC Sino的估计，因为它来自中国一家直接关注中国各类公告和发展的分析机构。

The third estimate is from Frank Wanderlich, who's an active proponent of sodium ion. Frank is predicting a run rate of 100 gigawatt hours of sodium ion batteries by the end of next year, which is 18 months away, and by the end of 2025, he's predicting a production capacity of 300 to 400 gigawatt hours per year. However, he doesn't state what he expects the actual production rate to be. Given that it'll take time for that capacity to ramp, I would assume the actual production rate would be about 50% of capacity by the end of 2025, meaning 150 to 200 gigawatt hour run rate if things go really well.

第三个估计来自Frank Wanderlich，他是钠离子电池的积极倡导者。Frank预测到明年年底，也就是在18个月后，钠离子电池的运行速率将达到100千兆瓦时，并且到2025年底，他预测生产能力将达到每年300到400千兆瓦时。然而，他没有说明他预计的实际生产速率是多少。考虑到需要时间才能提升产能，我认为到2025年底，实际生产速率将达到容量的50%，也就是如果一切顺利的话，将达到150到200千兆瓦时的运行速率。

ICC Sino expects 66 gigawatt hours of total production in 2025, which would mean a production run rate of about 100 gigawatt hours at the end of the year. That is, Frank is predicting a production growth rate of roughly 50 to 100% wider than ICC Sino, 150 to 200 gigawatt hour run rate by the end of 2025 versus 100 gigawatt hours. In my view, given that the end of 2025 is only 30 months away and we're essentially working from a base of zero, 150 to 200 gigawatt hours is overly bullish.

ICC Sino预计到2025年总产量为66吉瓦时，这意味着年底时产量将达到约100吉瓦时。也就是说，Frank预测的产量增长率将比ICC Sino高出大约50%至100%，到2025年底时每小时产量将达到150至200吉瓦时，而不是100吉瓦时。在我看来，考虑到2025年底只有30个月的时间，而我们基本上是从零开始，预计达到150至200吉瓦时的产量是过于乐观的。

Unfortunately, neither ICC Sino nor Frank is providing an estimate for 2030. For that, let's turn to my forecast slash guesstimate. My bowl case scenario is for 160 gigawatt hours of sodium ion in 2026. From there, I factor roughly 60% growth per year from 2027 to 2030 for a total of one terawatt hour of sodium ion battery supply in 2030.

不幸的是，ICC Sino和Frank都没有提供2030年的估计。因此，让我们看看我的预测／猜测。我认为2026年钠离子电池供应量将达到160千兆瓦时。从那里开始，我估计从2027年到2030年每年增长大约60%，总共在2030年提供1太瓦时的钠离子电池供应。

Given that sodium is available in huge quantities and therefore sodium ion batteries don't have the same primary constraint as lithium ion batteries, why haven't I forecast a more aggressive ramp? It's because although sodium ion batteries aren't as constrained by raw materials, their growth is still limited by the speed that the entire supply chain can be scaled.

考虑到钠存在大量供应，因此钠离子电池不像锂离子电池那样受到主要限制，为什么我没有预测到更大幅度的增长呢？原因是尽管钠离子电池在原材料方面的限制较少，但它们的增长仍受到整个供应链扩展速度的限制。

Sodium is plentiful, but it still needs to be refined into high purity battery grade sodium, combined with other chemicals to form the cathode and then manufactured into a battery cell. And that's just on the cathode end. Supply chains are also required for the separator, electrolyte, anode and electrode foils. All in all, each battery cell factory requires two to three dozen factories to support it and every one of those factories has to ramp in unison. Furthermore, as I said earlier, all of the forecasts are dependent on sodium ion delivering on what's been promised by the industry hype. So far, it's untested and unproven at scale. That is, all the forecasts including mine are generously assuming that sodium ion will deliver on all the hype and there aren't any hidden drawbacks for the chemistry that would hamper its adoption.

钠资源丰富，但仍需要经过提纯制成高纯度电池级别的钠，与其他化学物质结合形成正极，然后制造成电池单体。这还只是正极端而已。供应链还需要用于隔膜、电解质、负极和电极箔的工厂。总体而言，每个电池单体工厂需要两到三十多个工厂来支持，并且每个工厂都需要同时增产。此外，正如我之前所说，所有的预测都依赖于钠离子能否如行业宣传所承诺的那样交付。到目前为止，钠离子在规模上尚未经过测试和验证。也就是说，包括我的预测在内，大家慷慨地假设钠离子将实现所有宣传，并且没有任何化学上的潜在问题会阻碍其应用。

Moving along, let's take my forecast of one terawatt hour of sodium ion battery production by 2030 and add it to the lithium ion forecast I showed earlier to arrive at battery supply from all sources. The result is 3.8 terawatt hours of total battery supply in 2027 and 6.4 terawatt hours of total battery supply in 2030. That means a relatively reasonable growth rate of about 30% per year for the rest of the decade.

继续往下看，让我们将我之前展示的锂离子电池预测和2030年的一兆瓦时电量的钠离子电池生产量相加，得出所有电池供应的数据。结果显示，到2027年，总电池供应量将达到3.8兆瓦时，到2030年将增至6.4兆瓦时。这意味着本十年剩余时间的电池供应将以大约30%的相对合理增长率增长。

However, it still leaves a supply gap at the end of the decade of about 1.2 terawatt hours despite some pretty aggressive assumptions. Let's review those assumptions before moving on.

然而，尽管采取了一些非常激进的假设，但在本十年结束时仍然存在大约1.2太瓦特小时的供应缺口。在继续之前，让我们回顾一下这些假设。

First, the sodium ion industry has to grow from non-existent to the size of the current global lithium ion battery industry within 7 years. Second, companies from Australia, South America and North America will have to announce 500 gigawatt hours worth of new Greenfield's mining projects. In order to hit production by the end of the decade, on an aggressive timeline, all that mining capacity will have to be announced in the next 2-3 years.

首先，在7年内，钠离子产业必须从不存在的状态，迅速发展成为与当前全球锂离子电池产业规模相当的规模。其次，来自澳大利亚、南美和北美的公司将要宣布价值500千兆瓦时的新野外采矿项目。为了在本十年末实现产量目标，按照紧迫的时间表，所有采矿能力都需要在接下来的2-3年内宣布。

Third, China will have to build an additional 1 terawatt hour worth of mined lithium production by 2030. That means continuing to expand production at an average annual growth rate of around 40%, which will only happen if lithium prices are high enough for long enough to encourage aggressive growth of Chinese lapitolite production. Fourth, Africa has to go from producing about 70 gigawatt hours of lithium to about 700 gigawatt hours in 7 years. Given the instability and unique challenges of Africa, such as poor infrastructure, that would be impressive. Fifth, politicians, regulators and the general public in each country will have to play ball. It's not uncommon for new mining projects to get caught up in red tape and public pushback for several years, or even blocked entirely.

第三，到2030年，中国必须增加1兆瓦时的采矿锂产量。这意味着继续以每年约40%的平均增长率扩大产量，只有当锂价格足够高并持续一段时间，才能鼓励中国镁锂矿的积极增长。 第四，非洲必须在七年内将锂产量从约70千兆瓦时增加到约700千兆瓦时。鉴于非洲的不稳定性和特殊挑战，如基础设施不完善，这将是令人印象深刻的。 第五，各国的政治家、监管机构和公众都必须积极参与。新的采矿项目常常会被卷入繁文缛节和公众的阻力，导致数年的停滞，甚至完全停工。

The odds of at least two or three of these assumptions playing out in support of the 6.4 terawatt hour supply forecast is decent, but the odds that all five well is possible, but unlikely. That is, the 6.4 terawatt hour forecast is on the bullish side. However, the bullishness is intentional. It's to show that even with a bullish forecast, battery production from lithium, sodium and recycled materials still appears to come up short against potential demand.

至少有两到三个假设支持6.4太瓦小时供应预测的可能性还是相当大的，但五个都实现的可能性是有的，但不太可能。也就是说，6.4太瓦小时的预测是乐观的。然而，这种乐观是有意为之的。这是为了表明，即使做出乐观的预测，锂、钠和回收材料的电池生产仍然似乎无法满足潜在需求。

In the next video of the series, with a strong base of information and analysis in place from the last four videos, I'll walk you through what everything we've learned about the global lithium supply chain could mean for Tesla's growth later this decade. That's all for today, but before I close out the video, as I said at the beginning of the video, if you can, toss a coin to your witcher.

在系列中的下一个视频中，借助前四个视频中构建的丰富信息和分析基础，我将为你详细讲解全球锂供应链的所有所学之处对特斯拉未来十年增长可能意味着什么。今天就到这里，但在结束视频之前，正如我在视频开始时所说，如果可以的话，请向你的猎魔人扔一个硬币。

The information I've provided today is, to my knowledge, the most comprehensive video on lithium supply out there. Other reports that are available on the market can cost thousands of dollars, and by comparison, if this video does well, I expect it to make less than a thousand dollars from YouTube ad revenues. It's the supporters who contribute directly that make the channel possible. On that note, a special thanks to my YouTube members, ex-subscribers and all the patrons listed in the credits. I appreciate all your support and thanks for tuning in.

我提供的信息是我所知道的关于锂供应的最全面的视频。市场上其他可用的报告可能要花费数千美元，相比之下，如果这个视频做得好，我预计它的YouTube广告收入将不到一千美元。正是直接为这个频道做出贡献的支持者使其得以存在。在此，特别感谢我的YouTube会员、前订阅者和所有在片尾名单上的赞助者。感谢你们的支持和收看。