Battery Metals Intelligence

Pricing, supply chain, and demand drivers for the EV revolution

Tracked Compounds

across 4 metal families

Avg Change (1D)

+0.77%

all battery metals

Lithium Trend

+0.51%

avg lithium compounds

NMC811 Cost

$128/kWh

estimated pack-level

Lithium Complex

Cobalt

Nickel Sulfate

Rare Earths

China EV Demand Driver

Miner / Metal Ratios

Albemarle / LIT ETF (ALB/LIT)

SQM / LIT ETF (SQM/LIT)

Battery Metals Supply / Demand Balance

Mine supply vs. demand by end-use sector (2023-2035)

Static reference data — updated quarterly

2026 Balance

-90 kt LCE

Deficit Begins

2026

2030 Gap

-800 kt LCE

Surplus / Deficit (kt LCE)

Battery Chemistry Adoption Shift

Global market share by cathode chemistry, 2020-2030 (% of GWh deployed)

LFP share growth reduces cobalt dependency. LFP rose from 25% to 38% (projected) while cobalt demand plateaus at ~62-68 kt despite 14x capacity growth. LMFP emerges as a third force, reaching 37% by 2030.

Market Share (%)

2020: 194 GWh2030: 2,800 GWh

Metal Demand Implications (kt)

Metal Intensity by Chemistry

Kilograms of each metal required per kWh of battery capacity

Chemistry	Li	Ni	Co	Mn	Fe	Al	C
NMC 811	0.11	0.49	0.06	0.06	-	-	1.02
NMC 622	0.11	0.37	0.12	0.11	-	-	1.02
NCA	0.11	0.48	0.09	-	-	0.01	1.02
LFP	0.09	-	-	-	0.58	-	1.10
LMFP	0.09	-	-	0.29	0.30	-	0.99

High intensity Medium Low Not used

Global Gigafactory Tracker

Major EV battery manufacturing facilities worldwide

Total Capacity

975 GWh

Total Investment

$74.6B

Operational

Construction

Planned

Delayed

Cancelled

Asia

446 GWh total

CATL Ningde

CATL

Operational

131 GWhChinaLFP/NMC

Target: 2023$5.2B invested

BYD Shenzhen

BYD

Operational

85 GWhChinaLFP

Target: 2022$3.8B invested

CATL Liyang

CATL

Operational

50 GWhChinaNMC/LMFP

Target: 2024$2.1B invested

LG Energy Ochang

LG Energy

Operational

60 GWhSouth KoreaNMC

Target: 2023$3.5B invested

Samsung SDI Ulsan

Samsung SDI

Operational

40 GWhSouth KoreaNMC/NCA

Target: 2023$2.8B invested

SK On Seosan

SK On

Operational

30 GWhSouth KoreaNMC

Target: 2022$1.6B invested

Panasonic Wakayama

Panasonic

Operational

35 GWhJapanNCA

Target: 2024$2B invested

CATL Indonesia

CATL

Construction

15 GWhIndonesiaLFP

Target: 2026$1.4B invested

Europe

226 GWh total

Northvolt Ett

Northvolt

Cancelled

60 GWhSwedenNMC

Target: 2026$5.5B invested

CATL Erfurt

CATL

Operational

14 GWhGermanyLFP/NMC

Target: 2023$1.8B invested

Samsung SDI Goed

Samsung SDI

Operational

30 GWhHungaryNMC

Target: 2024$2.4B invested

ACC Billy-Berclau

ACC (Stellantis/Mercedes)

Construction

40 GWhFranceNMC/LMFP

Target: 2027$4.2B invested

AESC Sunderland

AESC (Envision)

Operational

12 GWhUKNMC

Target: 2024$1B invested

BYD Szeged

BYD

Construction

30 GWhHungaryLFP

Target: 2026$2B invested

PowerCo Salzgitter

PowerCo (VW)

Construction

40 GWhGermanyNMC

Target: 2027$4B invested

North America

273 GWh total

Tesla Gigafactory 1

Tesla/Panasonic

Operational

39 GWhUSANCA

Target: 2020$5B invested

LG-GM Ultium Ohio

LG/GM (Ultium)

Operational

35 GWhUSANMC

Target: 2024$2.3B invested

SK-Ford BlueOval KY

SK/Ford

Delayed

43 GWhUSANMC/LFP

Target: 2028$5.8B invested

Tesla Megafactory

Tesla

Operational

40 GWhUSALFP

Target: 2025$3.6B invested

Panasonic De Soto

Panasonic

Operational

32 GWhUSANCA

Target: 2025$4B invested

CATL Michigan

CATL/Ford

Planned

35 GWhUSALFP

Target: 2027$3.5B invested

NextStar Windsor

LG Energy

Operational

49 GWhCanadaNMC

Target: 2025$5B invested

Other

30 GWh total

BYD Bahia

BYD

Planned

10 GWhBrazilLFP

Target: 2027$0.8B invested

Gotion Morocco

Gotion High-Tech

Planned

20 GWhMoroccoLFP

Target: 2028$1.3B invested

Recycling Offset Projections

How battery recyclers offset primary lithium demand through 2030

By 2030: recycling offsets 20.7% of primary lithium demand (178 kt of 680 kt)

Key Recyclers (322 kt/yr combined capacity)

Redwood Materialsscaling

50 kt/yrUSAHydrometallurgical

Li-Cycle (Glencore)planned

35 kt/yrCanadaSpoke & Hub hydro

Brunp (CATL)operational

120 kt/yrChinaHydromet + pyro

GEM Co.operational

80 kt/yrChinaHydrometallurgical

Umicoreoperational

25 kt/yrBelgiumPyrometallurgical

Northvolt Revoltplanned

12 kt/yrSwedenHydrometallurgical

EV Battery Cost Breakdown

Typical cost composition of an EV battery pack by component

Cathode (Li, Ni, Co, Mn)40%

Anode (Graphite)12%

Electrolyte10%

Separator8%

Cell Manufacturing15%

Pack Assembly15%

$/kWh by Chemistry

NMC 811$128/kWh

Ni 80%, Mn 10%, Co 10% · 250-300 Wh/kg

Long-range EVs, premium vehicles

LFP$81/kWh

Fe, PO4 (no Ni/Co) · 170-210 Wh/kg

Standard range EVs, energy storage

NCA$135/kWh

Ni 80%, Co 15%, Al 5% · 260-300 Wh/kg

Tesla vehicles, high performance

LMFP$105/kWh

Li, Mn, Fe, PO4 · 200-230 Wh/kg

Next-gen mid-range EVs

Supply Chain Concentration by Country

Mining production share by country. Red highlight when single country exceeds 50%.

Lithiummedium

Top: Australia 37%

Cobaltcritical

Top: DRC 76%

Nickelhigh

Top: Indonesia 59%

Rare Earthscritical

Top: China 69%

Graphitecritical

Top: China 78%

Rare earth magnets are critical for EV motors and wind turbines.

Rare Earths Dashboard →

Track China export controls, quotas, and trade disruptions.

China Watch →

New mine projects, timelines, and capex across critical minerals.

Mining Pipeline →

End-to-end supply chain mapping and concentration risk.

Supply Chain →

Chemistry

NMC 811

0.11

0.49

0.06

1.02

NMC 622

0.11

0.37

0.12

0.11

1.02

NCA

0.11

0.48

0.09

0.01

1.02

LFP

0.09

0.58

1.10

LMFP

0.09

0.29

0.30

0.99