According to the latest report, U.S. electric car maker Rivian said in a letter to shareholders on Thursday that it plans to fully adopt new batteries in its full range of electric vehicles, including the use of lithium iron phosphate for standard models.
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It is reported that LFP batteries do not require any nickel or cobalt, and the raw material metal nickel or cobalt is very expensive and difficult to obtain. Compared to the nickel-cobalt-alumina batteries used by other EV makers, the batteries are believed to be more stable but have a lower energy density.
While LFP batteries won’t cause much damage to the battery over time, It generally does not provide the same range as NCA and other types of batteries; in addition, high-nickel chemistry batteries have a higher energy density, faster charging, and longer driving range.
Rivian’s founder and CEO RJ Scaringe said on Thursday’s earnings call that Rivian is “going through one of the toughest supply chain environments the auto industry has ever experienced” due to the current global challenges. Rival Tesla announced in October last year that the company would switch to cheaper lithium iron phosphate batteries globally.
Meanwhile, Rivian reported fourth-quarter 2021 results. The stock underperformed market expectations and plans to speed up production were also constrained by supply chains, and the stock extended its losses this year, plunging more than 13% in after-hours trading. For all of 2021, Rivian produced 1,015 vehicles, missing its production target with 920 deliveries.
