Regional EV demand outlook: Where are EV growth trajectories accelerating, slowing or diverging across key regions, and what does this mean for downstream lithium demand momentum? Macroeconomic and geopolitical shocks: How are inflation, interest rates, policy shifts, trade tensions and oil-price dynamics shaping automotive demand, and how could these pressures flow through to EV adoption? Stress testing the ESS growth narrative: Could ESS become a more important driver of lithium demand than EVs, and what risks or constraints could affect that trajectory?