Among the different chemistries currently used in batteries by EV manufacturers, lithium-nickel-manganese-cobalt oxide (NMC) is the most prevalent and seems set to see the fastest growth in new EV sales over the coming years.

This outlook was buoyed by their high energy density and reliability, Fitch analysts said.

Based on a sample size of 52 EVs, NMC cathodes currently accounted for about 28% of global EV sales and the fir...