Heres an acs[0] article that talks about it a bit from 2019 under "Challenges in recycling Li-ion batteries":

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Just as economic factors can make the case for recycling batteries, they also make the case against it. Large fluctuations in the prices of raw battery materials, for example, cast uncertainty on the economics of recycling. In particular, the recent large drop in cobalt’s price raises questions about whether recycling Li-ion batteries or repurposing them is a good business choice compared with manufacturing new batteries with fresh materials. Basically, if the price of cobalt drops, recycled cobalt would struggle to compete with mined cobalt in terms of price, and manufacturers would choose mined material over recycled, forcing recyclers out of business. Another long-term financial concern for companies considering stepping into battery recycling is whether a different type of battery, such as Li air, or a different vehicle propulsion system, like hydrogen-powered fuel cells, will gain a major foothold on the electric-vehicle market in coming years, lowering the demand for recycling Li-ion batteries.

Battery chemistry also complicates recycling. Since the early 1990s when Sony commercialized Li-ion batteries, researchers have repeatedly tailored the cathode’s composition to reduce cost and to enhance charge capacity, longevity, recharge time, and other performance parameters.

Some Li-ion batteries use cathodes made of lithium cobalt oxide (LCO). Others use lithium nickel manganese cobalt oxide (NMC), lithium nickel cobalt aluminum oxide, lithium iron phosphate, or other materials. And the proportions of the components within one type of cathode—for example, NMC—can vary substantially among manufacturers. The upshot is that Li-ion batteries contain “a wide diversity of ever-evolving materials, which makes recycling challenging,” says Liang An, a battery-recycling specialist at Hong Kong Polytechnic University. Recyclers may need to sort and separate batteries by composition to meet the specifications of people buying the recycled materials, making the process more complicated and raising costs.

Battery structure further complicates recycling efforts. Li-ion batteries are compact, complex devices, come in a variety of sizes and shapes, and are not designed to be disassembled. Each cell contains a cathode, anode, separator, and electrolyte.

Cathodes generally consist of an electrochemically active powder (LCO, NMC, etc.) mixed with carbon black and glued to an aluminum-foil current collector with a polymeric compound such as poly(vinylidene fluoride) (PVDF). Anodes usually contain graphite, PVDF, and copper foil. Separators, which insulate the electrodes to prevent short circuiting, are thin, porous plastic films, often polyethylene or polypropylene. The electrolyte is typically a solution of LiPF6 dissolved in a mixture of ethylene carbonate and dimethyl carbonate. The components are tightly wound or stacked and packed securely in a plastic or aluminum case.

Large battery packs that power electric vehicles may contain several thousand cells grouped in modules. The packs also include sensors, safety devices, and circuitry that controls battery operation, all of which add yet another layer of complexity and additional costs to dismantling and recycling.

All these battery components and materials need to be dealt with by a recycler to get at the valuable metals and other materials. In stark contrast, lead-acid car batteries are easily disassembled, and the lead, which accounts for about 60% of a battery’s weight, can be separated quickly from the other components. As a result, nearly 100% of the lead in these batteries is recycled in the US, far surpassing recycling rates for glass, paper, and other materials."

[0] https://cen.acs.org/materials/energy-storage/time-serious-re...