Rising demand for lithium iron phosphate (LFP) batteries in the European market

The demand for lithium iron phosphate (LFP) batteries in the European market is gradually increasing. Many European automakers such as Stellantis, GM, Hyundai, and Volkswagen have stated that they will use LFP batteries in entry-level models. In addition, Renault has placed an order for 39GWh of LFP batteries for 590,000 electric vehicles.