In the race to produce affordable electric vehicles (EVs), the auto industry is increasingly turning to lithium iron phosphate (LFP) as the preferred material for EV batteries. LFP’s popularity can be attributed to its environmental and geopolitical advantages, as well as advancements in its performance compared to other materials like nickel and cobalt.
Leading EV manufacturer Tesla embraced LFP two years ago, sparking new interest in the US market. Both Toyota and Hyundai have recently announced plans to equip their future vehicles with LFP batteries.
One of the main advantages of LFP is its lower cost compared to cobalt and nickel, along with the fact that all the necessary minerals can be sourced in North America. This reduces transportation costs and ensures a more secure supply chain. Moreover, the addition of manganese in LFP cells has increased their energy storage capacity, enabling EVs to achieve a range of up to 450 miles on a single charge.
Michigan-based Our Next Energy, which is investing $1.6 billion in a battery manufacturing complex, advocates for LFP due to its abundance and sustainability, as well as its lower risk of fire incidents. Other automakers, including Tesla and Ford, are also leveraging LFP to achieve their goal of offering lower-priced EVs.
While more than 90% of LFP materials still come from China, there is a growing trend of investment in LFP manufacturing facilities in the US. Battery makers from Norway, Israel, South Korea, and China have committed to building US facilities for LFP production, which will not only be used in vehicles but also in large-scale energy storage systems.
Overall, LFP’s rising popularity can be attributed to its cost-effectiveness and good performance, making it an attractive option for EVs targeting the middle-class market. The US government’s Inflation Reduction Act (IRA) also supports the development of the entire battery chain, without any preference for LFP chemistry.
With LFP’s continued cost advantage over other materials, experts suggest that it should be used in all grid storage systems and lower-cost cars.
In other news, Apple recently unveiled its first mixed reality headset, the Apple Vision Pro, at its annual developer conference. This was accompanied by the announcement of new Mac models and upcoming software updates. For more information on all the major announcements made by Apple at WWDC 2023, check out the latest episode of our podcast, Orbital.
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Alex Smith is a writer and editor with over 10 years of experience. He has written extensively on a variety of topics, including technology, business, and personal finance. His work has been published in a number of magazines and newspapers, and he is also the author of two books. Alex is passionate about helping people learn and grow, and he believes that writing is a powerful tool for communication and understanding.
