The Shenzen-based company is not only touting its so-called Blade technology as a significantly cheaper option but is making much of the safety of LFP versus ternary chemistries, particularly those with high nickel and low cobalt content which carries a greater risk of fire.
BYD chairman Wang Chuanfu told the South China Morning Post “some 124 incidents of NEVs emitting smoke were recorded in China last year.”
“Some industry participants have irrationally gone after NCM batteries [to chase after] ever-higher driving range, at the expense of stability and safety.”
BYD’s blade battery packs achieve the highest energy density among the current crop of LFP-equipped cars, overcoming its biggest drawback – low driving range.
For its new Tang SUV which is being exported to Europe, the company claims a 505km (314mi) range and a 30-minute charge time from 30% to 80%. The entry-level Tesla Model 3 sold in the US has a 423km (263mi) range.
In a note, BMO Capital Markets says given BYD is “the industry leader in LFP this announcement isn’t too surprising, and has given them a good platform to put down their ternary competition, but it does once again reinforce that a wide portfolio of battery chemistries will be used for electric vehicles over the coming years. It is however a net negative for nickel and cobalt demand.”