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Key trends in battery technology

➔Higher nickel and lower cobalt (to increase energy density, partly at expense of stability)

➔Bigger batteries to increase range (from 30-45 kWh battery packs per vehicle (in NMC111)
to 50-60kWh (NMC 622/NMC 532) and then to 75-80kWh+ (NMC 811)

➔NCM 523/611 now dominating in Europe but shift to NCM 811 is under way – no signs of
this slowing

➔Tesla is going to use no-Ni/no-CO lithium iron phosphate (LFP) batteries in Chinese model 3

and signalled at its Battery Day that it will roll out a mass-market $25,000 car to the world,

presumably using LFP rather than nickel-based chemistries

Nickel content kg/kWh Cobalt content Lithium content Mn content kg/kWh
kg/kWh kg/kWh
0.8 0.40
0.40 0.14
0.6 0.30
0.30
0.4 0.09 0.20
0.20
0.2 0.10 0.04 0.10

0.0 0.00 -0.01 0.00
NMC NMC NMC NMC NMC NMC NMC NMC NMC NMC NMC NMC NMC NMC NMC NMC
111 532 622 811 111 532 622 811 111 532 622 811 111 532 622 811

Source: Industry data, Macquarie Commodities Strategy, October 2020 PAGE 20