Application of Lithium Iron Phosphate Batteries in New Energy Vehicles

Lithium iron phosphate batteries have become the mainstream choice in the new energy vehicle sector. In 2024, the cumulative installed capacity of power batteries in China reached 548.4 GWh, of which lithium iron phosphate batteries accounted for 409 GWh, representing 74.6% of the total installed capacity and a year-on-year increase of 57%. With their advantages of high safety, long service life and low cost, lithium iron phosphate batteries are widely used in electric buses, commercial vehicles and some passenger vehicles, with representative enterprises including BYD and Wuling Hongguang MINI EV. In the energy storage field, lithium iron phosphate batteries have also become the preferred choice for photovoltaic energy storage, industrial and commercial energy storage, and household energy storage systems due to their high safety and long service life.