evs explained
NMC vs LFP Battery Technology First‑Time Buyer Budget Showdown
NMC and LFP are the two dominant lithium-ion chemistries in today’s EV market, and the choice determines cost, range, and long-term ownership for a first-time buyer. In 2023, NMC cells made up about 70% of global EV battery production, while LFP captured the remaining 30% (McKinsey). That split shapes