Market competition between lithium iron phosphate batteries and ternary lithium batteries

In the field of automotive power batteries, lithium iron phosphate batteries and ternary lithium batteries have always been the two mainstream choices. Before 2018, lithium iron phosphate batteries dominated the market due to their reliability and economy. However, with the changes in the subsidy policy for new energy vehicles, ternary lithium batteries began to surpass lithium iron phosphate batteries and occupied more than half of the market share. In recent years, with the adjustment of subsidy policies, the cost advantage of lithium iron phosphate has gradually attracted attention. Coupled with technological advances, the share of lithium iron phosphate in the new energy vehicle market has begun to rise.