From Breakingviews - Ford deal shows U.S. EVs can’t unplug from China
, rather than buying batteries directly or forming a joint venture. This unusual setup allows the American auto veteran to use CATL’s lithium ferro-phosphate chemistry whilst satisfying the IRA’s demands. It also, however, highlights an awkward fact: many Chinese companies, including the world’s largest battery maker, are miles ahead of their U.S. peers.
LFP, which is cheaper and safer than competing chemistries, accounted for nearly 40% of the global market by the end of 2022, Bernstein estimates. But although it was invented in North America, Chinese suppliers dominate the supply chain: LFP makes up more than half of production at CATL, BYD
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