For EV Batteries Lithium Iron Phosphate Becoming Material of Choice
As the auto industry scrambles to produce more affordable electric vehicles , whose most expensive components are the batteries, lithium iron phosphate is gaining traction as the EV battery material of choice. The popularity of the chemical compound known as LFP is due partly to environmental and geopolitical concerns. But technological advances have also reduced the performance gap with more widely used materials such as nickel and cobalt. LFP, embraced by EV industry leader Tesla two years ago, has sparked new interest especially in the US, where a clutch of domestic and overseas manufacturers has pledged more than $11 billion (nearly Rs. 90,200 crore) in new production facilities. Overseas, two of the world's largest automakers, Toyota Motor and Hyundai Motor , have both announced plans in the past week to equip their future vehicles with LFP batteries, but have not disclosed plans for the US. “LFP is less expensive than cobalt and nickel, and all the minerals can be obtai...