Half Of Teslas Produced In Q1 Had An LFP Battery — Here's Why That Matters
At its Q1 2022 earnings call, Tesla announced that nearly half of all EVs it produced during the quarter were fitted with LFP (Lithium Iron Phosphate) battery cells that are free of nickel and cobalt. Battery technology in EVs has always been a talking point, and it's even more relevant in recent times, thanks to the spike in lithium prices over the past year. While LFP batteries still use lithium, they come with a number of benefits over the standard NCA and NCM batteries that have traditionally been used in electric vehicles.
Tesla delivered stellar first-quarter numbers, beating Wall Street's revenue and profit estimates. The company announced $18.76 billion in revenue and $3.3 billion in profit compared to $10.39 billion in revenues and $438 million in profit over the same period last year. Speaking about the record quarter, Musk said that he had «never been more optimistic» about the future of the company despite the increasing input costs and the lingering supply-chain issues.
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Tesla announced that almost half the cars that rolled out of its factories during the first three months of 2022 were equipped with LFP (lithium iron phosphate) batteries. In its official statement released on Wednesday, the company said that its decision to use the new technology is largely based on the fact that «diversification of battery chemistries is critical for long-term capacity growth.» Tesla also said that LFP batteries are used in most of its standard range vehicles and commercial energy storage applications, and claimed that a Model 3 with an LFP battery pack can achieve a 267-mile EPA range. The batteries are expected to help Tesla save on input costs and
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