At present, there are two technical routes for power batteries of electric vehicles, namely ternary lithium batteries and lithium iron phosphate batteries. The names of these two batteries are taken from the names of the cathode materials of their respective batteries.

　　The ternary in the ternary lithium battery refers to a mixture of nickel (Ni), cobalt (Co), manganese (Mn) or aluminum (Al), namely NCM or NCA. The suffix number 523 or 811 is the formula ratio of the three materials; and the lithium iron phosphate battery is named after the battery that uses lithium iron phosphate (LiFePO4) as the positive electrode.

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　　The advantages of ternary lithium battery are high energy density upper limit and good charge and discharge performance. If used as a car power battery, it has the advantages of high cruising range and strong performance, but its shortcomings are higher cost and relatively poor thermal stability. Easy to ignite spontaneously.

　　The advantages of lithium iron phosphate batteries are stable internal structure, high temperature resistance, high safety, and not easy to spontaneously ignite. One point is particularly important. Lithium iron phosphate batteries do not contain the precious metal element cobalt, and theoretically cost less. But its biggest weakness is its relatively low energy density, and its electrochemical activity will decrease in low temperature environments. Tesla received concentrated feedback in the winter, and the range of models with lithium iron phosphate batteries used in cold places has been severely reduced.

　　Lithium-ion battery (LIB) has become the main energy storage solution in modern social life. Among them, lithium iron phosphate batteries are a perfect replacement for lead-acid batteries, and they are the first choice for grid-connected peak shaving, off-grid energy storage, photovoltaic energy storage, UPS, data center and other industries.

　　Before the emergence of more advantageous new batteries, ternary lithium batteries and lithium iron phosphate batteries are still the main options for electric vehicles.