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If non-cobalt batteries continue to dominate the market, could the countries holding the world's largest cobalt mines lose tens of billions of dollars in revenue in just the next few years?
2020 is considered a major turning point for the global electric vehicle industry when leading electric vehicle manufacturers began to strongly switch to Lithium Iron Phosphate LFP battery technology. This decision not only changes the cost structure of electric vehicle production but also shakes the entire supply chain of battery materials around the world.
Tesla is a pioneer in the US when it officially uses LFP batteries for Standard Range car models. At almost the same time, BYD introduced its famous Blade Battery technology, bringing LFP batteries to a new level of safety and efficiency.
Since then, a series of other electric vehicle manufacturers such as Tesla, BYD, SAIC, Geely, Chery, GAC, Leapmotor, XPeng and many international brands have joined this wave of transformation.
Why Was Cobalt Once the “Green Gold” of the Battery Industry?
For many years, NMC and NCA batteries were the gold standardof the electric vehicle industry.
Battery technology Main components
NMC Nickel - Manganese - Cobalt
NCA Nickel - Cobalt - Aluminum
LFP Lithium - Iron - Phosphate
Cobalt was once considered a strategic material because it helps batteries stabilize heat and prolong life.
However, cobalt has many disadvantages
✅ High price
✅ Concentrated supply
✅ Strong fluctuations based on geopolitics
✅ Mining causes environmental and labor controversy
About 70% of global cobalt supply comes from the Democratic Republic of Congo, causing battery manufacturers to always face supply chain risks.
Tesla And BYD Have Changed The Game
The turning point occurred when Tesla announced the use of LFP batteries for many standard cars.
Meanwhile, BYD introduced Blade Battery with a long bar design that helps increase packaging density and explosion protection.
Compare technology
NMC Batteries LFP Batteries Criteria
Production costs High Lower
Cobalt Yes No
Safety Good Very high
Longevity High Very high
Car price Higher Lower
Potential for fire and explosion Higher Lower
Eliminating cobalt helps car manufacturers save trillions of VND in raw material costs each year.
The Growth Rate Of LFP Batteries Is Surprising
According to many market research organizations, the proportion of LFP batteries has increased extremely rapidly since2020.
Year Global LFP battery share
2020 About 15%
2022 About 30%
2024 Over 40%
2026 Continues to increase strongly
China is currently the absolute leader in LFP battery production.
Large businesses include:
• BYD
• CATL
• EVE Energy
• Gotion High-Tech
• CALB
This gives China control over most of the global electric vehicle battery supply chain.
Not Just Electric Vehicles, LFP Batteries Are Dominating Energy Storage
One of the biggest trends today is the use of LFP batteries in large-scale electricity storage systems.
Solar and wind power projects around the world are switching to LFP batteries thanks to
Long lifespan
Low cost
High safety
Easy scalability
Many experts believe that revenue from energy storage batteries could grow as fast as the electric vehicle market in the next decade.
Who Is Benefiting?
Impact beneficiary group
Tesla Reduces production costs
BYD Increase global competitiveness
CATL Expanding battery market share
Electric Vehicle users are cheaper
Renewable Energy Industry Reduce Storage Costs
Challenges Remain
Even though it is booming, LFP batteries still have limitations.
❌ Lower energy density than premium NMC batteries
❌ Performance decreases in extremely cold environments
❌ Needs improvement to be suitablehigh performance car
However, with the current pace of technological development, this gap is rapidly narrowing.
A New Battery Revolution Is Coming
After the wave of cobalt-free batteries, the industry is looking towards the next technologies such as
Sodium-ion battery
Solid-State battery
New generation LMFP battery
Super high density storage battery
But at the present time, LFP is still the biggest winning technology of the electric vehicle industry in the period 2020-2026.
This change not only reduces the price of electric vehicles but also reshapes the global strategic raw material map, where cobalt gradually lost the unique position it held for more than a decade.
Will LFP batteries continue to dominate for another 10 years or will solid-state batteries create a new revolution that will change the entire market again?
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