Cell inventories still a concern
While we are not as concerned as we have been about EV inventories, we are a little concerned about cell inventories, which have started to build again in recent months. As we illustrated in this month's Focus article, there was quite a substantial build in cell inventories in late-2022 and early-23. That ameliorated to some extent over the summer, but cell inventories started to build again in Q4/23. Now, we have seen some production cuts in EV cell production in November and December and, as we discuss below, more in ESS production in H2/23, but we certainly need to see...