Ac t i o n | 07 Oct 2026 09:20:58 ET │ 98 pages Global Battery Chain The Second Battery Capacity Cycle with More Balanced Landscape, We Are Not Bearish CITI'S TAKE We witnessed the battery price cycle inflection in 2025 (link). Since then, we have seen upward revisions in consensus forecasts across the value chain until recently. Looking ahead into the downcycle as battery capacity catches up, we are not as bearish as market feared. We see a more balanced supply-demand landscape as overall utilization on th ...