With patents having started to expire in 2022 and the increased demand for cheaper EV batteries, LFP type production is expected to rise further and surpass lithium nickel manganese cobalt oxides (NMC) type batteries in 2028. Chinese manufacturers currently hold a near monopoly of LFP battery type production. As of September 2022, LFP type battery market share for EVs reached 31%, and of that, 68% was from Tesla and Chinese EV maker BYD production alone. The lithium iron phosphate battery ( LiFePOĤ battery) or LFP battery ( lithium ferrophosphate) is a type of lithium-ion battery using lithium iron phosphate ( LiFePOĤ) as the cathode material, and a graphitic carbon electrode with a metallic backing as the anode.īecause of their lower cost, high safety, low toxicity, long cycle life and other factors, LFP batteries are finding a number of roles in vehicle use, utility-scale stationary applications, and backup power.
Type of rechargeable battery Lithium iron phosphate battery