Chinese automakers have pioneered a new lithium iron phosphate chemistry that may cut costs for shorter-range electric vehicles. Global competitors paid little attention at first, sticking with the industry's tried-and-true lithium ion standard for EV batteries. But the wider industry is no longer ignoring the new chemistry's cost and safety benefits. Because the formula for these LFP batteries uses iron as a main ingredient, they are substantially cheaper than lithium ion batteries, which require pricey materials such as nickel, cobalt and manganese. LFPs also run at cooler temperatures, reducing safety concerns. EV titan Tesla was in the vanguard of users. And Ford Motor Co. is now a believer, saying this year it expects to be the first carmaker to use both lithium ion and lithium iron phosphate batteries in the U.S. Toyota also has begun dabbling with LFPs, deploying them in its first dedicated EV for China.
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