For any electric car manufacturer, it's not an easy task to find supply of batteries to satisfy all of their electrification ambitions due to limited supply in raw materials such as nickel, cobalt, etc. While some battery technologies are still in the process of being mass accepted and used, there are only few options available out there. Tesla CEO Elon Musk recently made his most optimistic statements on iron-based batteries yet, noting that his company is making a “long-term shift” toward traditional and most affordable lithium-iron-phosphate (LFP) cells for some of its entry-level EVs and energy storage systems. The CEO hinted that Tesla batteries could eventually contain two-thirds of iron and one-third of nickel metal. “This is actually good because there is a lot of iron in the world,” Musk said. Musk’s recent statement about iron-based batteries reflects a transition that is already underway in the auto industry, particularly in China. Battery chemistry outside of China has been predominantly nickel-based, with nickel-cobalt-aluminum (NCA) and nickel-manganese-cobalt (NMC) batteries at the forefront. Iron-based batteries have become attractive to many electric car manufacturers as they have a higher energy density compared to normal batteries. According to Tesla, these newer chemistries allow Original Equipment Manufacturers (OEMs) to boost the range of their batteries. If Musk’s optimism is heralding a genuine transformation across the electric car industry, the question is whether other EV manufacturers outside of China will be able to embrace the newer technology. But Musk isn’t the first automotive executive to signal a return to the LFP formula. Earlier this year, Ford CEO Jim Farley noted that his company would utilize lithium-iron-phosphate (LFP) cells in some commercial vehicles. Similarly, in Volkswagen’s battery day kick-off presentation, CEO Herbert Diess mentioned that the company would use LFP cells in some of its entry-level electric vehicles. CEO Musk’s remarks about using LFP-based chemistries in energy storage products like Megapack and Powerwall are in line with other energy storage companies, pushing for iron-based batteries. LFP battery cells present a few different benefits. For one, these batteries don’t depend on ultra-scarce and expensive raw materials such as cobalt and nickel. Although they’re less energy-dense compared to nickel-based batteries, they’re extremely cheaper. These sorts of announcements are beneficial for those looking to spur the shift to EVs because lowering the cost per car will likely encourage EV adoption. CEO Musk clearly sees a brighter future for iron-based chemistries at his company, and his comments have helped revive LFP batteries.

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