The electric vehicle (EV) market is on pace to reach sales of 1.6 million vehicles this year and could soar to 25 million units by 2025, according to Frost & Sullivan (F&S). There are numerous models on offer across the whole spectrum of brands, and volumes will only grow. Inside each EV is a powerful battery, which can account for up to 20% of the total vehicle cost.
Berenberg has warned that "a tsunami of used batteries from EVs is approaching much faster than the market is expecting." Specifically, it estimates the battery lifecycle from production to recycling at just five years, compared to the 15-18 years maintained by consensus. What happens to all these batteries then?
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