LFP

The lithium iron phosphate battery or LFP battery is a type of lithium-ion battery using lithium iron phosphate as the cathode material, and a graphitic carbon electrode with a metallic backing as the anode. Because of their low 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. As of September 2022, LFP type battery market share for EVs reached 31%, and of that, 68% were from EV makers Tesla and BYD Auto (BYD) alone.