Soaring cobalt prices are prompting Asia’s top battery makers to tweak the recipe for lithium-ion batteries used to power electric cars and mobile phones – reducing the amount of cobalt and adding more nickel.
With forecasts for electric vehicle (EV) battery demand to jump 20-fold over the decade to 2025, manufacturers are looking to cut back on more expensive components. Cobalt has more than doubled in price over the past year on strong demand and a supply shortage.
