It is true that many batteries today use rare earth metals like Nickel or Cobalt but there are plenty of good alternatives that don't.
Companies start using chemistries like LFP which relies mostly on iron, which is low cost and abundant.
There are development when it comes to Sodium-ion based batteries which should be very scalable and cheap.
There are magnesium-based chemistries that hold a lot of potential as well.
As for recycling, it should prove financial for some batteries as the materials can cover the recycling cost.