Battery materials
Overview
Growth in global electric vehicles (EVs) and plug-in hybrid (PHEV) production has put a spotlight on battery materials. While lithium-ion batteries dominate the current market, this is a rapidly emerging technology space where improved range or charge times can quicky shift industry sentiment and investment in a different direction.
Argus is at the forefront of battery materials pricing and reporting with coverage of common battery metals (lithium, cobalt, nickel, graphite), industry-grade cathodes and black mass. As experts in specialty metals and rare earths, we future-proof our price assessment portfolio with a range of electronic metals crucial to the manufacture of technology deployed in modern vehicles.
Our Argus Battery Materials and Argus Non-Ferrous Markets services help businesses to understand these complicated supply chains, including price volatility and sustainability challenges around future demand.
Minor metals: Battery metals
As automakers continue to invest in electric vehicle production and power companies explore infrastructure that includes energy storage programmes, the metals contained in lithium-ion batteries supporting these products has attracted interest from investors, institutions and manufacturers alike.
Argus is well positioned to provide insight into price volatility, global supply and responsible material sourcing for all manufacturers and investors in this sector.
Highlights of Argus battery materials coverage
- Understand the context of significant price movements and industry trends with a weekly PDF that highlights the most important market news across lithium, cobalt, graphite, nickel and other common battery materials
- Mitigate risk and perform reliable forward planning with 1-year and 10-year forecasts across different battery metals, chemistries and industries
- Gain a competitive edge with industry-specific tools, such as the Black Mass Calculator that estimates the intrinsic value of different battery chemistries (including cathodes like NCM111, NCM523, LFP, NCA)
- Invest with confidence knowing Argus is IOSCO-compliant with over 50 years of experience delivering trusted price data and market intelligence
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Mexico EV sales up 38pc in 2025
Mexico EV sales up 38pc in 2025
Mexico City, 15 January (Argus) — Sales of electric vehicles (EV) and plug-in hybrids (PHEV) in Mexico rose by 38pc to 96,636 units in 2025, although growth showed signs of moderation toward the end of the year, according to EV industry group EMA. The eight automakers reporting to the EMA sold 28,315 EV, PHEV and range-extended electric vehicles in the fourth quarter, up by 15pc from the previous quarter but down 23pc from 36,542 units in the same period of 2024. Within that total, EV sales reached 12,971 units in the fourth quarter, rising by 19pc from the third quarter and up 14pc from a year earlier. Full-year EV sales rose by 39pc to 43,358 units. PHEV sales in the fourth quarter totaled 15,178 units, a 12pc increase from the previous quarter but a sharp 40pc decline from the fourth quarter of 2024. Full-year PHEV sales rose by 38pc to 52,851 last year from 2024. While EV and PHEV sales posted double-digit growth in 2025, this compares with an 84pc increase in 2024. Even so, EMA said adoption continues to advance, with sales by its reporting members accounting for around 6pc of total domestic car sales last year. "We are slowly chipping away and bringing more people to these zero-emission technologies," EMA director Eugenio Grandio told Argus , adding that the figures point to a maturing market. EMA's figures differ sharply from official statistics published by Inegi and industry groups AMIA and AMDA, which reported combined EV and PHEV sales of 34,612 units in 2025, up just 7pc from the previous year. The discrepancy reflects differences in coverage. Inegi tracks only two of the eight automakers included in EMA's data — Volvo and JAC — while EMA also includes Tesla, BYD, Auteco, Changan, Zeekr and Vizeon. Inegi's figures also count two Jeep and Nissan models that "no one in the industry considers true EVs or plug-in hybrids," Grandio said, adding that EMA captures roughly 90pc of EV sales in the market. Production, infrastructure On the production side, automakers assembled 204,711 units of the five EV and hybrid models built in Mexico during 2025, according to Inegi and AMIA data, up 21pc from 2024. Charging infrastructure expanded alongside sales. EMA reported 56,726 charging slots installed nationwide by the end of 2025, a 26pc increase from a year earlier. This included 1,585 public charging centers, 1,664 sites operated by private agencies, 9,178 corporate charging locations and 41,824 residential installations. By James Young Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
India revises EV incentives to focus on performance
India revises EV incentives to focus on performance
Mumbai, 15 January (Argus) — India has revised its policy for the electric vehicle sector as it enters a more mature phase of EV transition and focuses on efficiency and cost control. From 13 January only those EVs that meet performance and efficiency requirements will qualify for incentives. The change marks a shift from volume-driven subsidies toward performance-based incentives. The requirements include a minimum 80km driving range, a top speed of 40 km/h, regenerative braking systems and standardised energy-consumption testing. Under this change, the production-linked incentive (PLI) auto scheme has been aligned with the Prime Minister Electric Drive Revolution in Innovative Vehicle Enhancement (PM e-drive) scheme. The PM e-drive scheme offers immediate discounts on two- and three-wheel vehicles and provides financial incentives for establishing EV charging stations. The government has allocated 20bn rupees ($237.7mn) to support companies installing fast charging stations for two- and three-wheelers. The PM e-drive scheme runs until March 2028, but subsidies for electric two- and three-wheelers will stop in March 2026. Support for electric buses, trucks, ambulances, along with charging stations and testing centres, will continue through the scheme because encouraging widespread adoption is still difficult and requires significant investment. Strong EV sales in in 2025 supported this shift in policy, with over 2.3mn units sold during the year from around 2.02mn in 2024. Around 8pc of the total number of new vehicles including two-, three- and four-wheelers were registered in 2025, government data show. Sales of electric two- and three-wheelers and buses are rising quickly in major cities, showing rapid growth in public transport electrification. This adoption level has strengthened the government's confidence that the sector can sustain growth even with more demanding quality and efficiency requirements for EV manufacturing. On the manufacturing side, the PLI scheme facilitated the production of 1.39mn EVs, comprising 1.04mn electric two-wheelers, 238,385 electric three-wheelers, 79,540 electric four-wheelers, and 1,391 electric buses as of end 2025. The scheme was approved in September 2021 and will run until March 2028 with a budget of Rs259.38bn. Although some car part manufacturers may face higher expenses due to upgrades required by the new standards, the majority of vehicle producers are expected to gain advantage from the policy change. The industry is also gradually aligning with the government's localisation objectives, progress in domestic value-addition certification shows. The tightening of EV norms reflects growing confidence in India's electric mobility ecosystem and a clear policy intent to prioritise quality, efficiency and self-reliance. The changes are expected to support a more sustainable and resilient EV market aligned with India's long-term goals of achieving 50pc EV penetration by 2030 and net-zero emissions by 2070. By Deepika Singh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Viewpoint: Asia energy storage to accelerate in 2026
Viewpoint: Asia energy storage to accelerate in 2026
Singapore, 7 January (Argus) — Stronger government signals and new industry initiatives to support energy storage systems (ESS) in Asia-Pacific are set to accelerate deployments, creating ripple effects across the battery and lithium market in 2026 as participants eye a new growth engine. ESS deployment remains uneven across Asia-Pacific. China accounts for 88pc of the region's 85GW capacity in 2024, according to industry group Energy Institute. The remainder is concentrated mainly in Australia and South Korea. These countries aim to scale up ESS buildout further. China is targeting 180GW of capacity by 2027, while South Korea plans to reach 2.22GW capacity by 2029. Australia has committed A$500mn ($337.75mn) to expanding local battery manufacturing. Other Asian nations are also picking up pace. Vietnam is targeting up to 16.3GW of ESS by 2030, while Malaysia launched its first 400MW auction this year. Governments are increasingly supporting integrated renewables and battery projects. India and the Philippines awarded such projects this year; Australia is auctioning dispatchable clean power contracts , and Malaysia intends to do this year, according to lawmakers. "In Asia-Pacific, while spot markets exist in some jurisdictions, most markets still lack mature price signals and ancillary service frameworks needed for merchant energy storage investment," nonprofit EnergyTag's Asia Pacific head Shailesh Telang told Argus . ESS deployment is still primarily backed by tenders, subsidies, regulated tariffs, or state-supported procurement, Telang noted. "Over time, market forces can take over, but today policy remains the primary driver," he said. Industry initiatives could further support growth. Regional advocacy group Fessia launched in September and will initially focus on smoothing policy for ESS deployment and bankability in Vietnam and the Philippines. Corporate standard-setter Greenhouse Gas Protocol is also consulting on switching from annual to hourly matching of clean power purchases . The requirement could spur demand for nighttime clean energy — and, in turn, batteries. But the clause is hotly debated and could feature leeway for smaller industries and emerging economies. Meanwhile, the South Korean government's first ESS central contract market auction in 2025 drew intense interest, selecting eight operators out of 51 proposals for 563MW of ESS capacity — largely concentrated on the mainland. A second auction round followed later. South Korea's ESS momentum, driven by its 2029 capacity target, aligns with domestic battery makers' pivot from electric vehicles. Top battery maker LG Energy Solution's (LGES) plans to produce lithium-iron-phosphate (LFP) ESS batteries domestically, citing the domestic energy ecosystem, starting with 1GWh. South Korean battery makers' ESS focus will likely intensify as the US EV market slows. Leading firms such as Samsung SDI, LGES, and SK On have all redirected resources to tap the ESS market, particularly in the US, given the data centre and renewable energy build-out. Their once EV-dedicated lines are increasingly repurposed to produce ESS as EV market uncertainty lingers. LFP reality sets in Chinese-dominated LFP chemistry continues to see surging adoption in South Korea , which has firmly stepped into the space and closed multiple LFP ESS supply deals in 2025. But China's dominant position in LFP still appears immovable, thanks partly to the scale of its domestic ESS and EV markets. The Chinese government is on track to more than double its new energy storage capacity to 180GW by the end of 2027 from 2024, it said in an action plan . Strong growth persists among Chinese domestic energy storage firms such as Eve Energy, Cornex, Envision, Great Power Energy and Technology, and Hithium, commented a Chinese battery recycler — though the sector remains overshadowed by industry giant CATL. Anticipation of robust ESS growth in China for 2026 — where Argus heard estimates between 30-100pc across multiple analysts and market participants — reflects varying degrees of optimism. Yet, one consensus stands out among market participants: ESS growth is confirmed and is dominating lithium market discussions near the end of 2025, supporting lithium prices and injecting fresh hope for market expansion. By Joseph Ho and Liang Lei Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
EV technology takes centre stage at US CES
EV technology takes centre stage at US CES
London, 6 January (Argus) — New EV platforms and solid state batteries were demonstrated at this year's Consumer Electronics Show (CES) in Las Vegas, showing that electrification is still high on the agenda in the US and progressing towards delivering the next generation of technology despite political scepticism. This year's CES focused on interchangeable and easy-to-use EV platforms. Companies such as Ample demonstrated swappable battery platforms, targeting ride-sharing and high-use vehicles. CATL, the world's largest battery maker, used the show to again tout its own battery swap network, aiming to have up to 140 cities covered by its swap stations by the end of 2026. Elsewhere, new EV platforms were demonstrated. Everatti and Aria displayed their joint EV platform, designed specifically for low-volume, heritage and specialist car brands. It is aimed at carmakers that do not operate large-scale production, but rather bespoke models, allowing these producers to electrify without having to transition entire production facilities. "This is about removing the structural barriers that have made low-volume electrification slow, expensive and risky," Everrati chief executive Justin Lunny said. Solid State shifts from theory to delivery Several firms demonstrated commercially viable solid state batteries this week, with Finnish company Donut Lab demonstrating a working solid state battery that it claims is designed for up to 100,000 charging cycles, much longer than standard lithium-ion batteries. "Solid-state batteries have always been described as ‘just a few years away,'" Donut Lab chief executive Marko Lehtimaki said. "Our answer is different. They're ready today. Not later." Verge Motorcycles also showed how solid-state batteries are beginning to leave the lab and enter actual products, unveiling an updated version of its TS Pro electric superbike equipped with all-solid-state battery technology developed in collaboration with Donut Lab. The new Verge TS Pro, among the first motorcycles with solid-state cells on the road, boasts dramatic improvements in range, with variants offering up to roughly 370 miles (595km) on a single charge and rapid charging in minutes, highlighting how advanced cell chemistry can enhance real-world vehicle performance. This represents one of the most tangible consumer-facing applications of solid-state tech yet seen at CES, and a milestone in shifting industry narratives from theoretical breakthroughs to deployable, high-performance EV batteries. By Thomas Kavanagh Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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