LFP battery (lithium ferrophosphate ) is a type of lithium-ion battery using lithium iron phosphate (LiFePO
4) as the cathode material, and a graphitic carbon electrode with a metallic backing as the anode. Because of their low cost, high safety, low toxicity, long cycle life and other factors, LFP batteries are finding a number of roles in vehicle use, utility-scale stationary applications, and backup power.[7] LFP batteries are cobalt-free.[8] As of September 2022, LFP type battery market share for EVs reached 31%, and of that, 68% were from EV makers Tesla and BYD alone.
Today, SAIC-GM and CATL launched a new lithium-iron-phosphate (LFP) battery cell with a 6C multiplier, enabling recharge rates of up to 200km in just five minutes, making it the fastest charging battery cell in China.