Tianqi Lithium CEO Frank Ha warns that current lithium demand forecasts fail to account for explosive growth in battery-powered trucks, mining equipment, and ships. The executive argues these emerging sectors will create a "huge increase" in demand that most projections miss entirely.

China controls roughly 80% of global battery cell production and about half of lithium production, positioning the country at the center of clean technology supply chains. International Energy Agency data shows lithium demand rising 30% annually this decade, far outpacing the 10% growth seen in the 2010s.

Tianqi has stakes in Australian and Chilean lithium operations, including the massive Greenbushes deposit. The company's profits reflect the volatile lithium market, swinging from a record Rmb24bn in 2022 to near-Rmb8bn losses in 2024 before recovering to Rmb1.9bn in early 2025. Ha is investing heavily in solid-state battery technology to smooth these profit cycles.

The emerging markets landscape presents challenges as Chile pursues greater state control over lithium resources. Tianqi paid $4bn in 2018 for its stake in Chile's SQM, but recent joint venture arrangements with state-owned Codelco may dilute its access to premium deposits.