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Yes, just like phone chargers.
Manufacturers change a model after a year or so, and re-design the batteries... and that would appear to be that.
Somewhat ironically, I actually ordered the corded model as it was half the price, received the battery model in error, thought I had lucked in big time. But the corded version would no doubt still be working.
It's pretty criminal that no standard form factors for power tool batteries exist. I think it should be regulated tbh.
At least the cells inside are likely to be standard and recyclable but chances are they're spot welded together and have safety electronics etc