January 5, 2024
The Rise of LFP Batteries Reshapes the Electric Vehicle Market
In early 2023, it appeared that cobalt and nickel-laden electric car battery markets were dealt a colossal blow, altering the balance of power in the industry. A few months later, the burgeoning success of LFP Model 3 stood as a testament to a significant shift in the global EV market, with LFP technology claiming an impressive 5% share and accounting for 21% of Tesla’s battery capacity in vehicles on the road, even before a critical patent expiry set for the following year. Shifting Dynamics in the Market It’s January 2024 and unfortunately for the staunch advocates of cobalt and nickel,
