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Cell Costs
Cathode Cost Breakdown By Material
Cathode Cost Breakdown By Material
Nickel sulfate to become main cost driver for nickel-rich cathodes NMC cell costs to be more sensitive to nickel prices
Source: CRU Group
Driven by imperative for higher energy density, manufacturers are shifting to increasingly high nickel content in new NMC/NCA chemistries
The rise of inexpensive Indonesian MHP mitigates the nickel price risk for downstream buyers, but this also has its challenges, and sourcing nickel from other countries incurs an additional cost
Lithium’s relative influence on cell costs will decrease if lithium prices remain low. Resurgence of lithium’s cost contribution towards the end of the decade represents the expectation of an eventual return to a supply-demand deficit, but this scenario carries risks, and assumes nickel prices do not also change
Extracted from the PDF; charts and images may read imperfectly.
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