#219

EV Battery Technologies &EcosystemEV
TABLE OF CONTENTS
Introduction

Electric
VehicleBird’s Eye View

As EVs continue to proliferate in markets across the globe, automakers are racing to improve the efficiency, range,
and bottom-line of their solutions. The common denominator behind these improvements is the vehicle battery –which already encompasses a wide, rapidly growing ecosystem of technologies, key players, infrastructure, andmore.

Executive Summary
The Basics

With the battery itself employing cutting-edge technologies, and being the most expensive EV component, it has
become the focal point of innovation and investment for the broader automotive industry. This innovation has inturn driven the ecosystem’s growth – with an increasing number of companies dedicated to battery manufacturing
and operations, and more frequent announcements of new technologies, systems, and partnerships. As a result,keeping track of its changes and new additions is becoming an increasingly difficult task.

What’s New
Analysis
Summary Tables
Ecosystem

This report profiles the key players and technologies involved in the EV battery ecosystem, while highlighting thefactors encouraging innovation across the battery lifecycle. Offering accessible explanations of today's criticalbattery technologies, the report provides insight into the potential battery industry conditions of the future. It also
addresses the recent trend of battery recycling and reuse – understanding its key initiatives and supporting
technologies.

Future Outlook

RELATED SBD REPORTS
218 - EV Legislation & Incentives Guide
The EV Legislation & Incentives Guide provides indepth analysis of how and where legislation is
impacting electrification in the automotive industry.
It aims to help OEMs and lawmakers understand theregulations and incentives surrounding EVs today, as
well as the legislation being worked towards bygovernments in different regions. The guide isreleased quarterly to provide the latest updates andoffers an accompanying Excel version featuring
deep, data-driven, analysis.

COVERAGE

FREQUENCY

PUBLICATION FORMAT

PAGES

1
NA

CHINA

EUROPEANNUALLYQUARTERLY

ONE-OFFPD F

POWERPOINT

EXCEL

ONLINE

150

#219/EV Battery Technologies & Ecosystem

Key questions answered> Which battery technologies
are the most promisingand how do they work?

This research supports

Do I have access?

> What might the automotive
and battery industries look
like in the future and why?
Product Planners

C- S u ite> Who is investing in major
battery initiatives andwhich players are
positioned to lead themarket?

Portal access

Portal access
IT

Engineering

View Excel Data Sheet Sample
EV Battery Technologies & Ecosystem
For a comprehensive model-level data including
tech/chemistry/packaging/special features>3,000
datapoints

37+ OEM groups
coveredDashboards,
Ranking, andEcosystemEV Battery Technologies & Ecosystem

Technologies and profiles of key players in the EV battery industry

Contents
219 – EV Battery Technologies & Ecosystem
Introduction ≫Executive Summary ≫▪ Solid-State▪ CATL▪ LiS▪ LG Energy Solution▪ Flow▪ Panasonic▪ Al-Air▪ SK On

Market Drivers ≫▪ Battery Recyclers•

EV battery market overview

Recycling and Reuse ≫▪ Umicore•

Technology-side market drivers▪ Recycle and Reuse process and new methods▪ Li-Cycle•

Geopolitics and sustainability market drivers▪ Recycling methods compared▪ Ecobat•

Demand-side market drivers▪ Challenges and Opportunities▪ Ascend Elements•

Consumer awareness driving the market▪ Key players and Case studies▪ Redwood Materials▪ Policies and Regulations

Technology ≫Market Outlook ≫•Recent Announcements

Ecosystem ≫▪ Market overview•

Battery chemistry market▪ Introduction▪ Regional markets overview•

Battery chemistries, components and costs▪ Automotive OEMs

▪ Battery tech outlook•

Battery formats and BMS

• NMC

▪ BYD

▪ BMS, manufacturing, and recycling outlook▪ Mercedes-Benz•

LFP▪ Tesla

•

LMO

▪ BMW

•

NCA

•

•

LTO

•

Na-IonNio▪ Battery Manufacturers▪ CALB

Recommendations ≫Contact Us ≫

Introduction

Introduction

Introduction
This report analyses the EV battery industry to draw a complete picture of its
current development, the forces shaping it, its trends, and technologies alreadyavailable as well as those coming soon to the market.
Batteries are still among the most expensive components in EVs, and the race isongoing to improve production efficiency and lower costs. To achieve this, large
investments are being dedicated to improvements across the value chain, and to
R&D to find new and better alternative chemistries, creating an extremely varied
and fast-evolving sector.
Sustainability is the other big challenge of the modern battery industry, driven bypolicies and regulations that become increasingly complex as governments arecommitting to achieving carbon neutrality.
The report looks at FIVE key benefits of BEVs for automakers:

Environmental
ImpactStaying
Relevant

New Segments& Industries

Consumer
DemandManaging
Complexities

What are the key questions answered in this chapter?
•

6

•
•

What new battery technologies have been launched and how do they differ
from existing technologies on the market?
Which battery chemistry and form factor are OEM groups using?
How are suppliers and OEMS working together to meet battery demand?

SectionBird’s Eye View

Content
An overview of the key findings from SBD’s view of what’s
important in battery industry

Executive
Summary

Definition of all the EV-related terms covered throughout thisreport.

The Basics

A high-level overview of the battery industry across the regions(USA, Europe and China)

What’s New?

Section focusing on new models launched, notableannouncements, partnerships and acquisitions, and trends in the
EV industry.

Analysis

What are the most important components of EV batteries, what isthe chemistry behind, and what are all the chemistries being
applied or researched today.

Summary Tables

The Market Summary section provides EV market share and sales
volume data. The Vehicle Summary section various models with
their technical specifications.

Ecosystem

Future Outlook

Next Steps

Understanding other players (than automakers) and theircontribution towards the battery industry and battery recyclers
Four OEM personas are considered against drivers and barriers
into the future to understand when Electric Vehicle benefits will be
truly realized
Can SBD help you with any unanswered questions?

Note: The Sales volume data has been sourced from EV Volumes and GlobalData

6

Introduction

We Listened and Invested In Our V2G Report to Align to Your Goals

You Said...
“I sometimes struggle to relate conclusions from research reports
to the Outcomes and KPIs that we are working towards...”“I would like to see what has recently changed within a forecast or
domain to help decide if any changes to strategy need to be made...”“I want to know where we stand ‘head-to-head’ against
the competition on major industry trends….”“I can find it difficult to take actionable next steps on Guides
without assessing the future direction of the industry...”“It would be helpful to identify disruptive companies and startups to keep an eye for partnerships in the future...”“I would like the topics to be more ‘forward looking’ to help with
future planning and take advantage of enabling technologies.”

We Did...
Added an EV BIRDS-EYE VIEW chapter with ahigh-level overview of all our EV reports.
Enhanced CROSS-REFERENCING with EV model
data from our EV Guide and battery insights fromour Battery Technology and Ecosystem Report.
Introduced a FUTURE OUTLOOK chapter
with motivations such as Increased EV
Range, and its drivers and barriers over time.
More DATA-DRIVEN ANALYSIS through our
Summary Table analysis, our dedicatedAnalysis chapter, and Executive Summary.
Created a V2G OEM RANKING and an
ECOSYSTEM chapter with offering, acquisition andpatent insights for key non-OEM stakeholders.
Pushed boundaries to add the disruptive NEW TITLE
V2G: Bi-Directional EV Energy Management
Technologies

77

Example slides
from the reportBird’s Eye View

EV Charging is just a part of delivering the motivations of Electrification
This Bird’s Eye View chapter gives SBD’sview of the major electrification trends
from our relevant reports ...

EV Guide

EV Charging &Infrastructure Guide

V2G - BiDirectional EV
EnergyManagement
Technologies

9

EV Legislation andIncentives Guide

EV Battery
Technologies &Ecosystem...in the journey to delivering the nine
key OEM Electrification motivations

Environmental
ImpactRegulatorycompliance

Revenue
Flexibility

Pace &
AgilityConsumer
DemandSimplifying
Complexities

Brand
Loyalty

New Segments& Industries

Staying
Competitive9

Executive Summary

Automakers are diversifying their approach to battery chemistry
Currently the vast majority
About 40% of theof OEM Groups are using OEM Groups planning
NMC, LFP and NCA
to introduce Solidchemistries
State battery

Top-performing new battery
chemistries might not be the best
option for all. Low-cost andestablished chemistries can be theanswer for specific market segments.

In development

Commercialized

5

OEMs planning
Solid State battery
Advantages:• Fast charging• High energy density• Safe and not flammable
10

4Battery Chemistry ratings

Several automakers and battery manufacturers
have ongoing investments and are jointly
developing new chemistries such as solid-state
to share the risks and costs.

3

2

1

0
NMC
Wh/L

LFP
Wh/Kg

Low Cost

NCA

Solid-State

SafetySustainability
10Analysis

Market Drivers

Market Drivers: Geopolitics & Sustainability
Overview
Regulations and recycling drive the market toward more localized, and sustainable solutions making it more appealing and resilient.

Policies and Regulations

Technology

R&D, higher
quality at lower
cost- May 2024 -China's Ministry of Industry and Information
Technology revealed a soon-to-be-released draft
guideline that will drive the lithium-ion battery
manufacturers and overall market, toward moreadvanced, high-quality, and cheaper batteries,
rather than just a market expansion. Details arestill scarce, but at least 3% of revenues will have tobe spent on R&D and technological upgrades.

Sustainability
Two key aspects of battery sustainability are the reduction of rarematerials, particularly those that are linked to ESG critical issues, and thedevelopment of a recycling industry.
•

The first is pursued for environmental, human rights and geopoliticalreasons, as 70-80% of the Democratic Republic of Congo’s cobalt is
owned and refined by Chinese companies. Cobalt content reduction inmodern chemistries led to its price decline.

Geopolitics &Sustainability
Batteries
Regulation- Jul 2023 -DemandMarketProtectionism- May 2024 -11

The new regulation establishes targets for a fulllife-cycle, from sourcing, to manufacturing, andrecycling. Batteries in the market will be allowed a
low content of harmful substances. Recycling
targets will be introduced gradually from 2025.
Companies need to address and prevent ESG risks
linked to raw materials such as lithium, cobalt,
nickel and natural graphite.
In 2023, the USA limited imports from companies
based in China, Russia, North Korea, or Iran by
excluding them from IRA’s tax credit eligibility. This
also applied to companies that the governments of
those countries hold a 25% share or more of theboard. Batteries cannot contain parts
manufactured or assembled in those countries, and40%+ of minerals have to be extracted orprocessed in the USA. Later the tariffs of Chinese
Imports have been increased up to 100%.

USD / tonMonthly cobalt futures price worldwide (2021-2024)

90,00080,00070,00060,00050,00040,00030,00020,00010,0000

Source: investing.com•

For battery recycling, both the EU and USA are working to develop
the industry for sustainability and to reduce dependance on China's
exports. The USA IRA includes any material for batteries recycled in
the USA as locally made and eligible for subsidies. In the EU, recycling
targets 90% recovery of nickel and cobalt in 2027, rising to 95% in
2031, and 50% of lithium in 2027, rising to 80% in 2031.
11

NMC

Analysis

NMC Battery
Highlights•

NMC: Lithium Nickel Manganese Cobalt Oxide (LiNixMnyCozO2)•

Nominal voltage of 3.6-3.8 V per cell•

NMC batteries generally have an energy density of 255-330 Wh/kg•

NMC chemistry allows the use of any battery cell format.

•

Different types indicate the different elements ratios:

NamingNickelManganese

Cobalt

111

33

33

33

622

60

20

20

532

50

30

20

811

80

10

10

Ratios like 811 significantly
reduce the need for Cobalt
making the battery moresustainable, and higher nickel
content can help drive higher
energy density at a lower cost.

Wh/L

Ease of Supply

NMC
Avg.

Wh/Kg

Cycle Count

Low Cost

Recyclability

12

SafetySustainability

Highlights

Image Source: ResearchGate•

NMC Chemistry is slightly above average in terms of volumetric and gravimetric energy density
which has been the main reason for its success among the batteries already available on themarket.

•A good level of recyclability is due to the strong development of the sector focusing on thisspecific chemistry.

•

Cost, despite being potentially higher than other options due to the presence of rare materials,
has also decreased getting closer to the $100/kWh mark thanks to the continued focus on thischemistry and the strong competition between manufacturers.

•

Cycle count remains below average as several new and upcoming technologies promise to offer
significantly longer lifespan.

•

Safety and ease of supply also remain below average due to the use of rare metals, and theinherent risk of thermal runaway with fire in case of mechanical damage and overheating.
12Summary Tables

Ford Group

Ford Group
Overview
Ford Group had approximately 186,000 EV sales in 2023, that primarily
comprised of BEVs, which are double the sales of their PHEVs. The group withextensive regional coverage and highest cooling system score, ranks second
overall among other OEMs. Its upcoming models will use prismatic cells
versus the pouch cells used in current models and they will be also larger.
Ford also have announced an additional equity investment in Solid Power for
further development of solid-state vehicle battery technology, aiming todeliver longer range, lower cost and safer electric vehicles for customers.

Chemistry

Form Factor

Battery Packaging

NMC811

Pouch

Cell - to - Pack

LFP

Prismatic

Cell - to - Pack

Aluminum Air (Planned)

TBC

TBC

Solid State (planned)

TBC

TBC

Form Factor

Suppliers•

EnergyStorage
System13

Battery
Testing

VehicleCharging
Infrastructure

Battery
Management
Systems

Renewable
EnergyProduction

Battery
Diagnostics
Software

Other

NMC

LFP

Pouch

NCA

• For the NMC and LFP batteries, thecathode material used is Lithium iron
phosphate

Prism

Other

•

Ford and Allego partnered to electrify European Dealership network withultra-fast charging. (Link)
Ford announced is investing $3.5 billion in EV battery plant with Chinesecompany in Michigan (Link)
Ford with LG Energy Solution and KOÇ Holding established a JV to build oneof the largest commercial EV battery cell production facilities in the wider
European region (Link)

Chemistry• Ford Group uses different types ofbattery chemistry, including LFP and
NMC. The group continue to expand
its offering on battery chemistry
types and is planning to introduce
Aluminum Air and Solid State.

Announcements•

Cyl

Highlights

Power
Conversion
SystemBattery
Recycling

Battery
Swapping

Battery
Leasing

Other Services(if any)

Greyed-out logos
indicate planned
batteries andform factors.
13

Summary Tables

Volkswagen Group

Volkswagen Group
Overview
Volkswagen Group is planning to introduce a EUR 20,000 electric vehicle in
2027. In the 2024 Q1 results report, Volkswagen reported that orders for
BEVs almost doubled compared to Q1.
Volkswagen have a strategy for a ‘unified cell’ which can contain differingchemistries and is to be used in up to 80% of models by 2030.
Volkswagen is planning to build battery gigafactories (though this couldchange depending on demand) in Valencia, Spain and St. Thomas, Canada.

Chemistry

Form Factor

Battery Packaging

Sodium Ion(Planned)

TBC

Cell - Module - Pack

LMFP

Prismatic

Cell - Module - Pack

LFP(Planned)

Prismatic

Cell - Module - Pack

NMC811

Prismatic

Cell - Module - Pack

Semi-Solid State(Planned)

TBC

Cell - Module - Pack

Form Factor

Suppliers

Cyl

Volkswagen and Mahindra sign supply agreement. (Link)••

Volkswagen-backed PowerCo SE reaches significant milestone in St. Thomas
gigafactory project. (Link)

The group favor prismatic cells for its form
factor.

•Volkswagen with its NMC uses Nickle
based Cathode for Li-ion•

Volkswagen considers sourcing solid-state batteries from Blue Solutions.
(Link)

EnergyStorage
System14

Battery
Testing

VehicleCharging
Infrastructure

Battery
Management
Systems

Renewable
EnergyProduction

Battery
Diagnostics
Software

Other

•

Other

NMC

Announcements

Pouch

NCA

LMFP and NMC811 are the only batteries
currently being used by Volkswagen
Group. However, the group is planningmany other different battery chemistry for
its EVs which includes LFP and Solid-State
batteries.

Chemistry

•

Prism

LFP

Highlights

Power
Conversion
SystemBattery
Recycling

Battery
Swapping

Battery
Leasing

Other Services(if any)

Greyed-out logos
indicate planned
batteries andform factors.
14

Request the priceContact Us

Contact SBD Automotive

Do you have any questions?
If you have any questions or feedback about thisresearch report or SBD Automotive’s consulting services,
you can email us at info@sbdautomotive.com or discusswith your local account manager below.
Envelope with solid fill

info@sbdautomotive.com
Book a meetingBook a meeting

Logo
Description automatically generated

16

USA

Garren Carr
North America
garrencarr@sbdautomotive.com+1 734 619 7969

UK

Germany

Luigi Bisbiglia
UK, South & West Europe
luigibisbiglia@sbdautomotive.com+44 1908 305102

Andrea Sroczynski
Germany, North & East Europe
andreasroczynski@sbdautomotive.com+49 211 9753153-1

India

China

Japan

SBD China Sales TeamChina
salesChina@sbdautomotive.com+86 18516653761

SBD Japan Sales TeamJapan, South Korea & Australia
postbox@sbdautomotive.com+81 52 253 6201
16