"The lithium iron phosphate battery (LiFePO4 battery) or LFP battery (lithium ferrophosphate) is a type of lithium-ion battery using lithium iron phosphate (LiFePO4) 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.[7] LFP batteries are cobalt-free.[8] As of September 2022, LFP type battery market share for EVs reached 31%, and of that, 68% were from EV makers Tesla and BYD alone."
[9] Chinese manufacturers currently hold a near monopoly of LFP battery type production.[10] With patents having started to expire in 2022 and the increased demand for cheaper EV batteries,[11] LFP type production is expected to rise further and surpass lithium nickel manganese cobalt oxides (NMC) type batteries in 2028.[ Wikipedia
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