Tesla´s main competitor BYD plans to stop using Cobalt

The Chinese company BYD has confirmed that it relies fully on LFP batteries (lithium iron phosphate) and is completely eliminating NCM technology (nickel, cobalt, manganese) from its model range. BYD, behind which the legendary US investor Warren Buffet stands with a share of 21%, is the second largest electric vehicle brand after Tesla and also supplies other automakers with its battery technology. The Shenzen-based company is not only touting its "blade" technology as a significantly cheaper option, but is also heavily promoting the safety of LFP compared to ternary chemistries, especially those with high nickel and low cobalt content, which have a higher risk of fire to recover. BYD chairman Wang Chuanfu told the South China Morning Post, "Last year, there were about 124 incidents of smoke NEVs in China." "Some industry players have irrationally pounced on NCM batteries \[to\] chase ever greater range at the expense of stability and security." BYD's blade battery packs achieve the highest energy density among current LFP cars, which significantly improves their main disadvantage - short range and long charging times.