Infer the relation between Cobalt content and Cost, especially on how an increase or decrease in Cobalt content impacts Cost - based on the following information:
NMC has low internal re- sistance from manganese, high capacity from nickel, and low costs due to less cobalt content in the lattice [31], with specific capacity similar to or higher than that of LCO at similar operating potential.

If lithium, cobalt, and nickel all experience price spikes in the future, battery costs will skyrocket.

A cobalt price increase from USD 80 /kg to USD 120 /kg determines a 9% increase in battery pack cost for an NMC 111 while only a 2.5% increase in NMC 811 (ANL, 2018a).

The cobalt market now produces over 100,000 metric tons per year, with estimates of over 200,000 metric tons annually by 2025.18 For reference, by some measures, approximately 7,075 metric tons of raw cobalt demand are needed to produce 500,000 large-format EV batteries (or approximately 30 pounds to produce the refined material for each battery).19 Up to 60 percent of global cobalt production and more than half of global reserves (i.e., known resources that are economically feasible to produce) are located in the Democratic Republic of the Congo (DRC).

As the global EV fleet continues to grow and the cobalt content in batteries continues to decrease, spent EV batteries and consumer electronic batteries could become an increasingly important source for future cobalt supply to the battery supply chain.