LFP is growing faster than Nickel-based chemistries for EV batteries in China. But, the entire market for batteries is growing so fast that demand for Nickel is also increasing. As the Adamas analysis shows, total Nickel consumption in China increased 23% yoy. In other markets, the increase was more significant: 52% yoy in US and 45% yoy in Germany.
I've said it before. The demand for batteries is growing and, while the market grows, there is room for diversity in battery chemistries. LFP will attract more market share in the EV space and home battery systems where energy density is not as important. But, high-performance EVs with large batteries will still need to use Nickel-based chemistries.
LFP is growing faster than Nickel-based chemistries for EV...
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