Tucked beneath the floor of most electric vehicles today is a nickel manganese cobalt battery, a type of lithium ion battery. The chemistry has had a dominant run as EVs have proliferated because of its ability to hold an ample charge.
But nickel manganese cobalt, called NMC, is being challenged, experts say, as lithium iron phosphate, known as LFP, batteries provide a cheaper alternative, although they trade some range.
"LFP, from a manufacturer standpoint, is a great compromise," said Conrad Layson, senior alternative propulsion analyst at AutoForecast Solutions, a global consultancy and forecasting firm.