First, battery safety is paramount Lithium phosphate is revived again.
Compared with the introduction of cutting-edge technology, Chinese battery manufacturers are more focused on the proposition of making batteries safer.
At present, leading-edge car batteries are ternary lithium batteries containing different proportions of nickel, cobalt and manganese, but these batteries have obvious shortcomings-they are not safe enough and are easy to generate heat and burn. In addition, materials such as cobalt are expensive and difficult to purchase, and do not meet the requirements of sustainable development in the long run.
Another older battery formula is a lithium iron phosphate battery composed of lithium, iron, and phosphate. Batteries made of these materials are bulky but safer.
Second, the cost is lower, the market share of lithium iron phosphate exceeds that of ternary lithium.
China's lithium iron phosphate battery currently has a cost advantage. In addition, the lithium iron phosphate battery has a key safety advantage: if one of the batteries fails, the heat generated is much lower than that of the ternary lithium battery. In most thermal runaway situations (when the temperature inside the battery starts to accelerate), lithium iron phosphate batteries will only smoke and will not catch fire, because they are more stable.
It is expected that lithium iron phosphate batteries will occupy the largest market share (the blue part in the figure is the market share of lithium iron phosphate batteries)