The European Union currently requires recycling of at least 50% of high-voltage batteries and the industry average is probably not much higher than the requirement.
BMW Group, together with German recycling specialist Duesenfeld intend to "develop a method that can achieve a recycling rate of up to 96 percent – including graphite and electrolytes". 96% is a huge improvement, almost on par with lead-acid batteries (99%).
The German manufacturer already takes back all used battery packs globally, even in markets where it's not required. At first, the used batteries are sent for second-life usage (usually energy storage), and then will be recycled.
Other players also seek battery recycling at a high rate. Volkswagen announced a target of 97% (initially will start from 72%)! Fortum hinted at over 80% recycling rate.
With such high recycling rates, there should be no shortage of critical raw materials as well as the environment should get some rest. Previously, when lithium-ion batteries were not used at such a high scale as currently and in the future, there were no economically viable methods or even a necessity to recycle them at a very high rate.