 "Reliance Industries, Reliance, RIL")
The announcement by Reliance Industries that it was setting up a battery gigafactory by 2026 for making battery chemicals, cells and packs with lithium ferrous phosphate (LFP) technology, among others, will give a big push to the electric vehicle (EV) industry to move from the current dominant battery technology of lithium nickel manganese cobalt (LI-NMC) to the emerging LFP battery technology, say experts.
Global EVs powered by LFP batteries could account for 40 per cent of the global market by 2030, as opposed to the estimated 17 per cent currently, according to UBS estimates. Companies such as Tesla, Rivian and
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