Both batteries use lithium, and their cycle life can be assured. However, the cathode and cathode materials and battery management systems are different, and their performance characteristics are also different.
The so-called lithium iron phosphate batteries refer to lithium ion batteries using lithium iron phosphate as cathode material. This type of battery is characterized by the absence of precious metal elements (such as cobalt, etc.). Because it does not contain precious metal materials, the cost of raw materials for lithium iron phosphate batteries can be very low.
In practical use, lithium iron phosphate batteries have the advantages of high temperature resistance, safety and stability, low price and better cycle performance. BYD, for example, specializes in such batteries. There is also a lithium battery called A123 on the market, which is actually a kind of lithium iron phosphate battery. It mainly uses nanotechnology in manufacturing process, which increases battery charging and discharging capacity. Wanxiang Group acquired A123 Company, and then Fisker Automobile Company, which is based on the battery.
Ternary lithium batteries are lithium batteries using lithium nickel cobalt manganate as cathode material and graphite as negative material. Unlike lithium iron phosphate, ternary lithium batteries have high voltage platforms, which means that the specific energy and specific power of ternary lithium batteries are higher under the same volume or weight. In addition, ternary lithium batteries have great advantages in high rate charging and low temperature resistance. Tesla's Model S uses Panasonic's 18650 battery pack, a three-component lithium battery, which is larger than the usual No. 5 battery.
In Made in China 2025, it mentions that by 2020, the density of ternary lithium batteries will reach 300 Wh/kg. BYD, Bike, Jetway Power and National Energy Batteries all said: I want to achieve this goal by 2020. At present, the energy density of ternary lithium batteries is basically 200 Wh/kg. Some of the taller ones already have 240, 250Wh/kg. At present, the price of battery replacement is about 560,000 yuan, and it is estimated that it will drop to about 20,000 yuan in the future.