Attention is turning to lithium iron phosphate batteries instead of lithium-ion batteries in the automotive industry. Elon Musk is one of the proponents of this new battery, especially in advertising it with Tesla. All these activities are bolstering the upcoming premiere Battery Day for investors.
The Lithium-ion batteries will be making way for the advanced lithium iron phosphate batteries, among other chemistry technologies. This move will shed down expenses and improve the EV mileage to 400 and above before the next charge. Additionally, this new chemistry is going to develop the 1 million miles battery for EV usage.
Tesla’s primary objective is to minimize costs and hasten the transition to electric vehicles. Elon Musk hopes that his employees will be at par at this historic moment when the automotive industry evolves.
Tesla’s competitors, like General Motors, are also working on new chemistries to develop long-life batteries. The desire for long-lasting batteries is because customers want batteries reusable even when the car exceeds its lifetime. For instance, these batteries can be used in the storage of solar energy.
Wedbush Securities analyst Dan Ives says that there is more to consider than the mere long lifetime of a battery when it comes to battery technology. Other factors that they consider which the iron phosphate batteries have are safe and can be reused in electricity storage.
Musk revealed that Battery Day would be in September, and they will be sharing interesting news concerning Tesla. Tesla is keeping its new battery details a secret until they have fully developed it. This battery is one of the surprises for the historic Battery Day.
Materials scientist and professor of the University of California San Diego, Shirley Meng, says that there are ongoing research activities to minimize cobalt usage in batteries. She says that Tesla has been successful in this concept and will be unveiling its safe battery soon under the help of Dahn. However, she notes that cobalt is easier to train within the making of batteries due to its simplicity. This simplicity allows engineers to develop complex but exciting structures without sophistication. Meng is also a director at the Sustainable Power and Energy Center.
Lithium-iron phosphate battery proves to be vital due to fast charging and its cost-effectiveness. Meng says that there is a possibility that Tesla has made a breakthrough with Lithium-iron phosphate battery and will be trending in the EV sector once it launches the battery.
Finally, the CFRA Research analyst Garrett Nelson explains that the advantage of lithium iron batteries is that they do not utilize cobalt as the Lithium-ion battery does. Cobalt is what makes EVs expensive since it is the most valuable component of this battery.