Xiamen Tungsten New Energy issued an announcement saying that the investment is not less than 10 billion yuan to build 100,000 tons of lithium iron phosphate,60,000 tons of ternary materials and other cathode materials projects.

If the project is successfully implemented, it means that Xiamen Tungsten New Energy will add lithium iron phosphate materials based on the main products of lithium cobalt oxide and NCM ternary materials.

Behind Xiamen Tungsten New Energy's deployment of lithium iron phosphate materials is the rapid return of the advantages of low cost and high safety performance of lithium iron phosphate batteries to the new energy passenger car market. The installed capacity of lithium iron phosphate power batteries has increased significantly, driving the shipments of lithium iron phosphate materials

GGII survey data show that lithium iron phosphate batteries are showing a rapid growth trend, and the market share continues to increase.It is estimated that by the end of this year, lithium iron phosphate batteries will account for more than 40% of the power market, and shipments in 2021 are expected to grow by more than 200% year-on-year.