Lithium is absurdly abundant. It can be recycled. Lithium concentrations in electrolytes are constantly being lowered. Finally it is possible to manufacture batteries without cobalt. Cobalt is a bigger problem than lithium because most production facilities extract cobalt as a byproduct of other mining activities. Dedicated cobalt mines are possible but it would result in higher costs.

That's wildly incorrect. Proven reserves of lithium only are a few decades of consumption, because why would you keep looking and measuring now when you already have so much available?