Florian, it is true that as battery technology develops over...

Florian, it is true that as battery technology develops over time, the amount of cobalt in batteries will reduce. However NCM batteries are the proven design/technology for now, and the demand for batteries will rise much faster than the emergence of reliable new designs which can be mass produced. Its worth listening to the Crux investor interviews with Joe Kaderavek, who is a wealth of knowledge on the dynamics of battery production. A point he repeatedly makes in the interviews is that electric cars in particular are being designed now for 5-10 year production runs as we head for the 2030/35 deadlines. You can't use experimental battery technologies in such processes, you have to stick with proven designs.