Liberum considered current market prices on lithium, cobalt and nickel for EV batteries using 90/5/5 NMC lithium cathodes, for example on a You’re here. In March 2022, the cost of the three metals is around 4946 USD, compared to 1398 USD a year ago. This now represents 50% of the cost of a battery, compared to around 10% historically. “In batteries, most car manufacturers have some short term protection against long term contracts and in some models nickel and cobalt free PFMs are used“. Other materials are also likely to inflate the note: steel, titanium and copper in particular. Liberum also points out that other technologies exist, in particular in China, without nickel or cobalt.
Metal prices in a battery (MarketScreen based on data from Liberum)