Nickel Surpasses Lithium as Top EV Battery Metal Amid Price Changes – News and Statistics
July 7, 2025
Nickel has emerged as the leading metal in the electric vehicle (EV) battery sector, outstripping lithium, which has seen a significant price decline. According to Mining.com, nickel prices, previously spiking over $100,000 per tonne due to intense speculation, have now stabilized to around $17,000 per tonne in the second quarter of 2025.
Data from the IndexBox platform reveals that between January and May 2025, the total value of nickel utilized in EV batteries was $2.20 billion, marginally higher than lithium’s $2.15 billion. Despite progress in nickel-free battery technologies like lithium iron phosphate (LFP), nickel remains a vital component in the industry, underpinning robust demand and investment.
LFP batteries have dramatically increased their market share, now constituting nearly half of the EV battery capacity this year, compared to less than 1% at the beginning of the decade. This evolution indicates ongoing innovations within the EV industry as manufacturers strive for more cost-effective and efficient battery alternatives.
Market Trends and Future Outlook
The divergent paths of nickel and lithium prices illustrate the ever-changing landscape of battery raw materials. Lithium prices have plummeted from more than $80,000 per tonne in November 2022 to approximately $8,450 in June 2025. In contrast, nickel’s price stability presents an appealing option for investors and stakeholders within the EV supply chain.
For deeper insights and comprehensive analyses of the battery metals market, readers are welcome to explore the latest edition of the Northern Miner through both print and digital platforms.
Source: IndexBox Market Intelligence Platform