At present, the mainstream power battery is still lithium iron phosphate battery and multiple lithium battery two.
Compared with multiple lithium batteries, lithium iron phosphate batteries do not contain precious metals such as cobalt and nickel, and have two major advantages in the cost end -- low raw materials and cheap processing. From 2014 to 2019, the cost of lithium-iron phosphate batteries in China has dropped by about 60-70%; In 2020, lithium-iron phosphate battery packs will be about 15% cheaper than ternary lithium-ion batteries.
However, lithium-iron phosphate batteries have a disadvantage, namely lower energy density. Multivariate lithium batteries have the advantages of higher energy density and longer endurance range.
Since December 2016, the state adopted the precise subsidy support policy, the shipment of ternary lithium battery has increased significantly. From 2018 to the first half of 2020, the market share of ternary lithium batteries in China continued to climb, increasing from 54% to 72%, while the installed volume of lithium iron phosphate batteries decreased from 37% to 27%.
Since the second half of 2020, lithium-iron phosphate batteries have made a comeback due to their safety features. However, more market participants believe that lithium iron phosphate battery has its particularly suitable application scenario is inevitable, but in the long term, high nickel and low cobalt multi-lithium is the future development trend.
In terms of cost, as the proportion of high nickel batteries increases, the cost of battery pack materials per unit GWH battery decreases, especially the dependence on cobalt sulfate, which accounts for a high cost, will decrease. At present, ternary lithium battery from the earliest NCM111, developed to NCM523 (5 series), NCM622 (6 series), NCM712 (7 series), NCM811 (8 series), NCM9/0.5/0.5 (9 series), nickel content increased step by step.
