Applications: EV

Regional Differences in Cathode Chemistry Regional divergence in cathode chemistry reflects differences in policy incentives, supply-chain localization, and manufacturing scale rather than fundamental technology limitations. Nickel-Based NMC, NMCA, LMR

Lithium Iron Phosphate LFP

Dominant choice in North America and Europe due to legacy production capacity and energy density/range needs in those markets

Favored for cost, stability, thermal safety, long cycle life, and less critical minerals

Supply constraints for geographically concentrated cobalt continues as market is impacted by DRCʼs export restrictions

Production of battery-grade nickel intermediates & precursors, although in oversupply, remains concentrated in Indonesia and is also heavily influenced by Chinese entities

New cathode development is focused on shifting toward lower-nickel, cheaper manganese-rich variants such as high-voltage mid-nickel NMC and LMR

Iron and phosphate may abundant materials, but high purity production is complex and limited outside of China

China dominates production of LFP cells and cathode material, and IP surrounding chemistry improvements and cell-to-pack architectures CATL, BYD

Increasing adoption in entry-level and mass-market EVs with major automakers licensing the technology from Chinese firms

Source: Data from Benchmark Mineral Intelligence Distinguished Partner), BloombergNEF Distinguished Partner), IEA, OEM announcements

Extracted from the PDF; charts and images may read imperfectly.