Cobalt is practical if you want to make low millions of cars. It ceases to be practical if you want to make a billion cars. There just isn't enough of it readily available to scale.
Your EV probably has the usual NMC or NCA chemistries which have around 10-20% cobalt. I don't know of any car that uses a 100% LiCoO2 cathode — it's just not practical.
And nothing wrong with having some lithium in their battery. The important thing is how much cheaper is it.