Increased demand for electric vehicles lithium iron phosphate industry prosperity continues to improve

Lithium-iron phosphate batteries are gaining more favor from car manufacturers and increasing market share.The latest data from China Automotive Power Battery Industry Innovation Alliance shows that in January, China's lithium iron phosphate battery production was 5.2GWh, accounting for 43.1% of the total production, a year-on-year increase of 493.6%;The loading capacity of lithium iron phosphate battery was 3.3GWh, up 349.8% year on year.The growth rate of production and loading is much higher than that of ternary battery.
The agency believes that the lithium iron phosphate battery has the advantages of higher safety and lower cost than the ternary battery, which has won the favor of more automobile manufacturers and the industry prosperity is high.