So that is where the IP is.  Once the plastics and the aluminium/copper metals are separated they can go through normal recycling.  The remaining product called the “black mass” contains the lithium, nickel, manganese, cobalt and graphite.   Graphite can be separated by flotation, and the other products go through a more complex hydro-metallurgical process to be recovered.  Much like how many metals are made in the first place from ore concentrates.  Different companies use different approaches.
One good explanation on how one company processes the black mass is here:
https://youtu.be/g1Ij4Emz8XQ?feature=shared
BASF gave this presentation 3 years ago which goes into more detail on how their process works and how it differs from other metallurgical processes:
https://youtu.be/XylDkcrJgTw?feature=shared
And this company’s approach is to produce a high purity mix which is like what is used to produce the batteries in the first place:
https://youtu.be/xwtmDFwL_Lk?feature=shared
The race is on to commercialise and protect the IP through patents so it can be licensed.  Tesla claim to have their own in-house process to fully recycle their batteries, but other car companies are partnering with specialise lithium iron battery recycling companies.  
EU mandates are basically ensuring the car companies take full ownership for the recycling of EV batteries, hence the big investments being made to make it happen.