DETROIT : 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
DETROIT : 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.
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 U.S. Michigan-based Our Next Energy, which is building a $1.6 billion battery manufacturing complex in Van Buren Township, is a proponent of LFP, according to founder and chief executive Mujeeb Ijaz, because “the materials are more abundant and sustainable, with far less risk” of fire.Tesla is among the automakers leading the quest in markets outside of China to provide lower-priced EVs - in Tesla's case, targeting a base price of around $25,000.
The rapidly increasing adoption of LFP by EV manufacturers including Tesla and Hyundai suggests those companies “are not ready to decouple from China," Meng said.Battery expert Lukasz Bednarski, author of the 2021 book “Lithium: The Global Race for Battery Dominance and the New Energy Revolution,” believes automakers’ interest in building lower-priced EVs could be one of the drivers behind LFP’s rising popularity.
Rising investment in LFP manufacturing facilities in the United States is coming not just from domestic companies like Ford, ONE and General Motors.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Analysis:Auto firms race to secure non-Chinese graphite for EVs as shortages loomLONDON : Automakers, including Tesla and Mercedes, are rushing to lock in graphite supply from outside dominant producer China, as demand for electric vehicle (EV) batteries outpaces other uses for the mineral for the first time due to soaring EV sales.Auto firms have been slow to plan for graphite shorta
Read more »
Analysis:China moves to shut a lifeline for cash-strapped local governmentsSHANGHAI/SINGAPORE : Pressure is mounting on China's cash-strapped local governments as authorities move to shut a private funding route for their financing arms, according to planned new rules and people familiar with their aims, raising credit risks and default worries.Beijing has been tightening rules
Read more »
Analysis:Common Framework, familiar problems: hopes of debt breakthrough fadeLONDON : Cautious optimism in the developing world that wealthier countries and China had finally fixed the tortuous process of sovereign debt restructurings is fizzling again.Debt crisis veterans gave a weary thumbs up in April to plans to galvanize the G20-led 'Common Framework' - a platform supposed to
Read more »
China lithium price rebound to be capped by growing supply - analystsBEIJING : Rising sales of electric vehicles (EV) as well as batteries for energy storage are driving a recovery in China's lithium market, but growing supply of the metal will still outpace improving demand, analysts said on Wednesday.Spot lithium carbonate prices in China nearly doubled in the last two m
Read more »