Lithium-ion batteries work with two main components that are called an anode and a cathode. In electric vehicles , the main chemicals used by the cathodes are lithium iron phosphate (LFP) and lithium nickel manganese cobalt (NMC) . Research suggests that due to continued nickel supply constraints the market shares for lithium iron phosphate should continue to propel from roughly 33% in 2021 to 47% by 2026. The batteries are less expensive today and according to recent research, the cost of batteries will decline by up to almost 28% for every cumulative doubling of production.
According to our research, companies with superior efficiency will be able to save thousands of dollars by switching to LFP batteries. Those savings will be passed on in several ways: lower EV prices for the consumer, higher research and development to increase competitiveness, and/or higher profits.
A spokesperson from SolarBio Energy, a reputable Chilean lithium supplier quoted “Researchers at Solarbio have been dedicated in the pursuit of more efficient, longer lasting, cleaner energy. With technology in a constant state of change it is important that an ear is kept close to the ground. This research information is then passed to all the relevant parties and the business as a whole adapts. With an increased production in lithium iron phosphate we can ensure that we stay one step ahead of the market.”
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