Auto makers shift to lower-cost batteries for electric vehicles

Wedbush Securities senior equity analyst Daniel Ives provides insight on the Apple stock and electric vehicles on ‘Making Money.’ In the race to build a more affordable electric car, auto makers are turning to a lower-cost battery type that could lead to less-expensive options, but deliver less driving range. Several major car companies plan to deploy lithium-iron-phosphate batteries, known as LFP, a type commonly used in China, the world’s largest market for electric cars. Those iron-based battery cells cost less than the nickel-and-cobalt combination used widely in North America and Europe.Tesla Inc., Ford Motor Co., Rivian Automotive Inc. and other auto makers say LFP could tamp down electric-vehicle costs by sidestepping the use of pricey and scarce minerals like nickel and cobalt. But the move also requires them to manage performance trade-offs and thorny supply-chain…

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