Through technological innovation in the past two years, the current 400-600 km cruising range of lithium iron phosphate batteries has been able to meet the needs of most passenger car owners, and the price is also more advantageous.

　　In terms of energy density, lithium iron phosphate has made up for the shortcomings. Through a series of improvements such as replenishing lithium, doping silicon, and using a solid-liquid mixed electrolyte, the current energy density of LiFePO4 batteries can exceed 200Wh/Kg. The volumetric efficiency of the battery cell to the system is increased from 40% to 60%. Under extreme calculations, LiFePO4 has 55% and 22% cost advantages over ternary at the level of the positive electrode and the battery cell, respectively.

　　The safety defects of ternary batteries have always been the focus of criticism, and the biggest advantage of LiFePO4 batteries is high safety.

　　According to the research report of Wood Mackenzie, an international market research organization, cost and safety will continue to be the first factors that battery suppliers need to consider in a variety of battery application scenarios. Lithium iron phosphate is expected to surpass ternary batteries to become the dominant electrical energy storage chemical in the next 10 years.

　　Regardless of performance and cost, from the perspective of supply, LiFePO4 is extremely rich in raw materials. The ternary battery uses a lot of rare metals such as cobalt and nickel, and the future mining volume and price will fluctuate greatly.

　　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.