This is just cobalt and not all the other resources required for electrification. The dramatic increase in cobalt supply seems to be mostly a side effect of increased mining for other minerals that are still in greater demand (Nickel). Otherwise it wouldn't be profitable. Meanwhile battery makers have figured out how to use less cobalt since it has a specialized role.

There's still no supply for the lithium shortage (the lag time is a minimum of 7 years to open a new lithium mine) but we are waiting to see if sodium batteries will come to the rescue now.