The race to develop cheaper cell materials

Benchmark Mineral Intelligence, a UK-based consultancy, estimates that China currently has 75% of the world’s cobalt refining capacity and 59% of its lithium processing capacity, necessary for EV battery production. That is why U.S. and European startups are racing to develop new batteries using two abundant, cheap materials, sodium and sulphur, that could reduce China's battery dominance. Today’s EVs run on lithium-ion batteries, mostly made with lithium, cobalt, manganese, and high-grade nickel, and their prices have soared. Western producers are struggling to catch up with their Asian rivals, and carmakers expect supply bottlenecks to hit car production around the middle of the decade.