Price of pure cobalt batteries for new energy vehicles

Should we cut cobalt content in EV batteries?

One reason to reduce the amount of cobalt in EV batteries is cost. Currently, cobalt metal on the London Metal Exchange is trading at four-year highs around $71,000 a tonne. Additionally, 50% of the world’s cobalt reserves are in Democratic Republic of Congo, where there is a potential for political instability and disruption.

Do battery manufacturers need cobalt?

Due to the high cost and price volatility associated with cobalt, battery manufacturers/researchers are seeking alternatives to reduce or eliminate the need for cobalt in battery production.

Will cobalt prices return to 2022 levels?

Cobalt is currently trading around $32,000 a ton. "We're unlikely to see prices return to 2022 levels until demand is able to catch up with the huge volume of cobalt available at the moment," said BMI analyst Roman Aubry, who expects a cobalt market surplus of 17,000 tons this year.

Is cobalt a by-product?

Unlike most other commodities, cobalt is primarily a by-product – with 60% derived from copper and 38% from nickel – so how will changes in those markets change the picture for cobalt in the coming months following a year of price weakness and oversupply in 2024?

How much cobalt is in a single cathode?

According to BMI, a cathode can contain between 0-15 kg of cobalt. The cost of cobalt is a significant factor in the production of electric vehicle batteries, with cobalt metal on the London Metal Exchange currently trading at around $71,000 a tonne.

How much does a car battery cost in 2021?

For years the industry was proved right: battery costs fell from $1,000 per KWH for the first models more than a decade ago to about $130 in 2021, paving the way to making them affordable for middle income families. But Russia’s invasion of Ukraine threatens to halt the slide.