Second-Life EV Battery Market Projected to Reach USD 224.24 Billion by 2040

General Motors and recycling partner Cirba Solutions have completed a closed-loop EV battery pilot that produced new cells using cathode active material made from 100 percent recycled nickel, cobalt and manganese, drawn from end-of-life GM EV packs. The cells now power Cadillac Lyriq and Chevrolet Silverado EVs delivered to customers, a step toward circular EV manufacturing that shows recycled critical minerals can meet the same safety and performance standards as newly mined inputs. The pilot strengthens GM's EV cost and supply-chain story, though it does not materially change the near-term focus on restoring profit margins and managing warranty and EV transition risks. The most relevant recent announcement remains GM's July guidance cut, which lowered 2026 net income expectations to US$8.4–9.8 billion. GM's narrative projects $195.5 billion revenue and $8.2 billion earnings by 2029, requiring 1.8% yearly revenue growth and a $6.3 billion earnings increase from $1.9 billion today, while the most pessimistic analysts assume earnings of about US$12.9 billion by 2029 and a much lower valuation multiple.

Nth Cycle, a US-based metals refining company, has signed a $1bn ten-year offtake agreement with Glencore covering lithium and other critical minerals recovered from recycled batteries. Announced at Glencore's New York offices, the contract is described as one of the largest supply deals to date in the US battery recycling industry. Under the terms, Glencore will sell approximately 24,000 tonnes per annum of shredded battery materials, known as black mass, to Nth Cycle, which will process the material with its electrochemical extraction technology to produce lithium carbonate and a nickel-rich mixed hydroxide product for supply back to Glencore over the next decade. Actual delivered amounts will depend on the mineral content in the black mass received, and the contract's value is based on metals prices as of the second quarter of 2026. The deal follows a $100m grant Nth Cycle received last month from the US Department of Energy, which prompted plans for a commercial refining facility in the south-east of the US, with operations expected to begin by 2029 and the location to be announced later this year. Nth Cycle also recently announced it will list publicly through a merger with Kensington Capital Acquisition, valuing the company at $585m, and has cancelled a planned Series C funding round to focus on raising capital through its public offering.

Bridge Green Upcycle and Hartree Partners have signed an eight-year commercial agreement for the purchase and marketing of lithium carbonate produced from recycled batteries, valued between $500m and $1bn at current market conditions. Under the deal, Hartree gains exclusive rights to market approximately 10,000 tonnes per annum of lithium carbonate across all grades from Bridge Green's facilities, with an option to renew for an additional seven years. Hartree has also made an equity investment in Bridge Green as part of the company's bridge financing round, intended to support its planned expansion of battery recycling and critical mineral refining operations. Hartree battery and critical minerals head Landon Berns said critical minerals are a key pillar of Hartree's growth strategy, while Bridge Green founder and CEO Balki Iyer called the agreement a defining milestone toward a circular supply chain. Initial volumes of lithium carbonate for Hartree are anticipated in 2028, and Bridge Green's upcoming Series A funding round is expected to finance integrated refining facilities in India and the US.

Industry Minister Warawut Silpa-archa and his delegation held bilateral talks with Japan's Minister of Economy, Trade and Industry, Ryosei Akazawa, known as METI, to elevate strategic cooperation in industry and energy between Thailand and Japan. The Thai delegation also included Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas and Energy Minister Ekkanat Promphan. The talks aimed to promote the transition of the automotive industry along a multi-pathway approach, covering hybrid vehicles, HEV, mild hybrid vehicles, MHEV, and electric vehicles, EV, while pushing forward a circular economy policy through the development of end-of-life vehicle management systems and waste battery handling. The discussions also covered the promotion of the biofuel industry through fiscal policy, as well as energy cooperation, such as cooperation under POWERR Asia on solar energy development and carbon market trading, and preparations for the second meeting of the Thailand-Japan mechanism for energy and industrial cooperation, known as EID, particularly in the modern automotive industry, supply chain connectivity and bioenergy. The outcome of these talks is expected to directly benefit the people and businesses of Thailand and Japan through expanded investment in high-technology industries, which will lead to economic value creation, job creation and the development of Thai workers' skills, as well as improving quality of life and the environment through the promotion of clean energy and sustainable resource management.

Huayou Cobalt announced that the company has completed the issuance of its eleventh tranche of green sci-tech innovation bonds for 2026, with an issuance amount of 1 billion yuan, a term of two years, a par value of 100 yuan per unit, and a coupon rate of 2.20 percent. The bond is abbreviated as 26 Huayou Cobalt GN011 Sci-Tech Innovation Bond, with China CITIC Bank, China Merchants Bank, Shanghai Pudong Development Bank, Bank of China, Industrial Bank, BOC International, and China Bohai Bank serving as lead underwriters. It was publicly issued in the national interbank bond market through bookbuilding and centralized placement. The proceeds will be used to replace procurement expenditures incurred by subsidiaries within three months for the recycling of used power batteries and their dismantled materials, as well as for raw material procurement for battery-grade lithium salt product manufacturing projects. The announcement shows that the company's 2025 annual shareholders' meeting has approved a proposal for the company and its subsidiaries to issue debt financing instruments of non-financial enterprises in 2026, with issuance methods including public offering and non-public targeted issuance.

The EV Board has approved a plan to restructure excise taxes on electric vehicles into three tiers, aimed at encouraging manufacturers to invest more and use more locally produced parts. Vehicles made in Thailand with high local content will receive the lowest tax rate, while imported vehicles from operators without a production base in Thailand will be taxed at the highest rate. A subcommittee will also be set up to accelerate development of the battery supply chain, used batteries, and EV charging infrastructure. The research arm of Kasikorn Bank sees this as positive for auto parts stocks and industrial estate operators that stand to benefit from production relocation and increased local content, while importers of fully assembled EVs may face pressure from the new tax structure.