Costs

Raw material prices rising throughout the whole value chain, mainly driven by strong price increases of cathode active material, electrolyte and current collectors leading to cell cost increases of >40% as of 01/2022 and >85% as of 03/2022. Current market conditions and crisis has resulted in strong raw material price fluctuations since mid-2022

NMC materials almost tripled over the last 1.5 years mainly due to ~2X price increases for Ni and Co, but especially due to the 4-8X LiOH price increase compared to 2020/21

LFP variants impacted by rising prices of Li2CO3 (6-10x increase over 2020/21).

Dependence on Li price doubled electrolyte component costs (conductive salt LiPF6)

Al and Cu price increased by >50%

Rising prices raise additional challenges for new market entrants, who cannot rely on previously established long-term contracts 1)High Ni NMC-based cell cost references.

Industry: Costs Source: All analysis by P3 group, Spot market prices from LME and ICC Sino

Volta Foundation

Extracted from the PDF; charts and images may read imperfectly.