EV Battery Cathodes and Anodes

The choice of cathode and anode chemistry is the single most consequential design decision in an electric vehicle battery. It determines energy density, cycle life, thermal stability, charging speed, cost, and, critically, which minerals the battery requires. The ongoing competition between cathode chemistries is reshaping global mineral demand patterns and redefining the geopolitics of critical materials supply.

NMC: Nickel Manganese Cobalt Oxide

NMC cathodes have been the dominant chemistry for premium electric vehicles in North America and Europe since the mid-2010s. The naming convention reflects the ratio of nickel, manganese, and cobalt in the cathode structure. Early formulations such as NMC 111 used equal parts of all three metals, but the industry has progressively shifted toward nickel-rich variants. NMC 532 and NMC 622 offered incremental improvements in energy density, while NMC 811, with 80 percent nickel, 10 percent manganese, and 10 percent cobalt, represented a major step forward in both performance and cobalt reduction.

The push toward higher nickel content is driven by the direct relationship between nickel loading and energy density. More nickel means more energy per kilogram, which translates to longer EV range without increasing battery weight. However, high-nickel cathodes are less thermally stable and require more sophisticated battery management systems. Manufacturers such as LG Energy Solution, Samsung SDI, and SK On have developed NMC 811 and even ultra-high-nickel formulations approaching NMC 9.5.5, which contain over 90 percent nickel in the cathode active material.

LFP: Lithium Iron Phosphate

Lithium iron phosphate cathodes have experienced a dramatic resurgence, particularly in the Chinese EV market. LFP batteries use iron and phosphorus instead of nickel and cobalt, making them significantly cheaper to produce and free from the ethical and supply-risk concerns associated with cobalt mining. Iron is one of the most abundant elements on Earth, and phosphorus, while facing its own long-term supply constraints in agriculture, is widely available.

LFP's lower energy density compared to NMC was historically its primary disadvantage, limiting EV range. However, advances in cell-to-pack and cell-to-body integration technologies, pioneered by companies like BYD and CATL, have narrowed the practical gap. By eliminating modules and packing cells more efficiently, manufacturers can compensate for LFP's lower gravimetric energy density at the cell level. LFP also offers superior thermal stability and longer cycle life, making it attractive for commercial vehicles, fleet applications, and cost-sensitive passenger EVs.

The rise of LFP has profound implications for mineral demand. As LFP market share has grown to over 40 percent of global EV battery production, it has moderated the growth trajectory for cobalt and, to some extent, nickel demand. However, it has increased relative demand for lithium, since LFP cathodes require more lithium per kilowatt-hour of energy stored than high-nickel NMC formulations.

NCA: Nickel Cobalt Aluminum Oxide

NCA cathodes were popularized by Panasonic and Tesla and remain in use in certain Tesla vehicle models. The chemistry substitutes a small amount of aluminum for the manganese found in NMC cathodes, offering very high energy density. NCA cells typically contain over 80 percent nickel in the cathode, with small quantities of cobalt and aluminum serving structural and stabilizing roles.

While NCA achieves excellent energy density, it is more sensitive to moisture during manufacturing and can be less thermally stable than NMC at equivalent nickel loadings. The chemistry's dependence on both nickel and cobalt means it shares many of the same supply chain concerns as high-nickel NMC. NCA has seen its market share gradually decline as NMC 811 and LFP alternatives have matured, but it remains relevant in applications demanding maximum range.

Emerging Cathode Chemistries

Research and early commercialization efforts are pursuing several next-generation cathode chemistries. LMFP (lithium manganese iron phosphate) adds manganese to the LFP structure to boost voltage and energy density while maintaining cost advantages. Sodium-ion batteries, which replace lithium entirely with sodium, are approaching commercial readiness for low-cost applications and could reduce lithium demand pressure in entry-level EVs and stationary storage. Solid-state batteries, still largely in the development phase, promise step-change improvements in energy density and safety, though they may increase demand for lithium due to the use of lithium metal anodes.

Graphite Anodes: The Industry Standard

On the anode side, graphite has been the unchallenged standard for commercial lithium-ion batteries since Sony's first cells in the early 1990s. Lithium ions intercalate between the layered sheets of graphite during charging and deintercalate during discharge. The theoretical capacity of graphite is 372 milliampere-hours per gram, and modern anodes approach this limit. Both natural and synthetic graphite are used, with synthetic graphite generally offering better rate capability and cycle life at higher cost.

The dominance of graphite anodes creates an enormous and often underappreciated mineral demand. A typical EV battery contains 50 to 100 kilograms of graphite, more by weight than any other single material. As noted, China's stranglehold on graphite processing, particularly the conversion of flake graphite into battery-grade spherical graphite, represents one of the most concentrated supply chain risks in the entire EV ecosystem.

Silicon Anodes: The Next Frontier

Silicon offers a theoretical specific capacity of 4,200 milliampere-hours per gram, more than ten times that of graphite. This has made silicon the most intensively researched anode material in the world. However, silicon expands by up to 300 percent during lithiation, causing electrode cracking, capacity fade, and shortened cell life. The industry is approaching this challenge incrementally, blending small amounts of silicon or silicon oxide into graphite anodes to boost capacity by 5 to 15 percent without catastrophic degradation.

Companies including Sila Nanotechnologies, Enovix, Group14 Technologies, and Amprius Technologies are developing advanced silicon anode architectures that aim to push silicon content much higher. If these technologies achieve mass-market viability, they could substantially reduce graphite demand while creating new supply chain requirements for high-purity silicon. Lithium-metal anodes, explored for solid-state batteries, could eventually eliminate the anode material question altogether, but commercialization timelines remain uncertain.