Latest News on LFP Batteries in Overseas Markets Date: January 15, 2024
The following are some of the latest news on LFP batteries in overseas markets:
- On January 13, 2024, Rivian, an American electric vehicle manufacturer, announced that it will produce LFP batteries at its Normal, Illinois, factory. The factory will begin production at the end of this year with an annual capacity of 100 GWh.
- On January 11, 2024, LG Energy Solution, a South Korean battery manufacturer, announced that it will build a LFP battery factory in Arizona with an annual capacity of 43.3 GWh. The factory is expected to start production in 2025.
- On January 5, 2024, Stellantis, a European automaker, announced that it will launch electric vehicles using LFP batteries in Europe. The company plans to reduce the cost of its battery packs by more than 40% by 2024 and by an additional 20% by 2030.
These news stories indicate that LFP batteries are gaining increasing attention in overseas markets. Compared to NMC batteries, LFP batteries have higher safety and lower costs, which are important for reducing the overall cost of electric vehicles. Therefore, as the market for new energy vehicles continues to develop, LFP batteries are expected to further increase their share in overseas markets.
Here are some other analysis of the overseas market for LFP batteries:
- According to a forecast by market research firm SNE Research, global LFP battery shipments will reach 252 GWh in 2023, accounting for 68.1% of global battery shipments. It is expected that by 2025, LFP battery shipments will reach 420 GWh, accounting for 75% of global battery shipments.
- The U.S. Energy Information Administration (EIA) reported that by 2030, the U.S. LFP battery production capacity will reach 1.2 TWh, accounting for 50% of U.S. battery production.
These analyses indicate that LFP batteries have great growth potential in overseas markets. With the continuous advancement of technology, the energy density of LFP batteries is expected to further improve, thereby meeting the range requirements of different types of electric vehicles.
Here are some recent news items related to HyXin batteries:
General News:
- HyXin Battery expands product line with new 12V LiFePO4 battery for RVs and marine applications.(Source: Industry press release, December 2023)
- HyXin Battery partners with leading e-bike manufacturer to supply custom LiFePO4 battery packs for their premium models.(Source: Industry news website, January 2024)
- HyXin Battery secures funding for expansion of its all-in-one ESS home solar battery system production.(Source: Financial news website, January 2024)
Home solar system specific news:
- HyXin Battery’s all-in-one ESS home solar battery system receives positive feedback from early adopters for its ease of installation and efficient energy storage.(Source: Consumer review website, December 2023)
- HyXin Battery announces plans to launch a new, more affordable version of its all-in-one ESS home solar battery system in Q2 2024.(Source: Company press release, January 2024)
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