Electric Vehicles
Japanese Tesla Supplier to Take on Chinese Rivals to Tap EV Boom
- Sumitomo Metal Mining targets Japan’s mini-car market: exec
- Iron-based batteries have become widespread in China
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Japan’s Sumitomo Metal Mining Co. wants to start making materials for a cheaper type of electric-vehicle battery -- containing no nickel -- that’s poised for global popularity after storming the world’s top EV market, China.
Iron-based batteries known as LFP have rapidly expanded their role in China as a lower-cost rival to varieties with nickel, especially in smaller and low-range vehicles. They could grab more than half of the global battery market this decade, according to Katsuya Tanaka, an executive officer at Sumitomo, which already makes nickel-bearing materials for Tesla Inc. and Toyota Motor Corp. cars.