Lithium producers bet on battery energy storage as demand focus gradually shifts beyond electric vehicles

```htmlAt an industry conference held this week, several leading manufacturers stated that the surge in demand for battery energy storage systems is helping to offset the slowdown in the electric vehicle market. Fastmarkets CEO Raju Daswani said: "The phase of over-adjustment in the market has ended. Energy storage has become the main driving force for growth in this market." According to Fastmarkets' estimates, lithium demand from battery energy storage systems is growing at a rate of 40% per year. "This is a fundamental shift. Compared with consumer-driven and more volatile electric vehicle demand, it provides a more solid foundation for the market." (Reuters)```