Based on the *Global EV Outlook 2023* from the International Energy Agency (IEA), the trend of using lithium iron phosphate (LFP) batteries for electric vehicles is strengthening, eroding the popularity of nickel batteries.
During the 2018-2022 period, the global market share of LFP batteries rose from 7% to 27%, while high-nickel batteries decreased from 78% to 66%.
According to Poweroad, a Chinese battery company, LFP batteries have several advantages over nickel batteries, especially in terms of life cycle.
LFP batteries can be recharged up to 3,000 times before their performance deteriorates. With proper maintenance, their lifespan can reach 6,000 charge cycles.
Meanwhile, nickel-based batteries, specifically nickel manganese cobalt (NMC), can generally only be recharged about 800 times. This indicates that LFP batteries are more durable.
Poweroad also assesses LFP batteries as significantly safer than nickel batteries.
If subjected to shocks, heavy pressure, or dropped from a height, LFP batteries are not likely to explode or catch fire; they might only emit smoke. LFP batteries are also more stable at high temperatures.
On the other hand, under similar conditions, NMC batteries, which are nickel-based, have a relatively high potential for explosion or fire.
Beyond these advantages, LFP batteries have lower energy density.
Poweroad notes that LFP batteries generally only contain 120 watt-hours per kilogram (Wh/kg) of energy, while NMC batteries can reach 220 Wh/kg.