Chinese electric carmaker BYD Co. Ltd. has pledged an eightfold increase in the production of its new type of lithium iron phosphate (LFP) battery by the end of the year, in a bid to win more market share with the lower-cost cell.
LFP batteries are designed for use in new energy vehicles (NEVs). They are cheaper to make and can endure higher temperature than so-called ternary lithium batteries widely used in the industry. Tesla fits its Shanghai-built Model 3 sedans with LFPs.
