Tesla supplier LG Energy Solution on Wednesday revealed plans to begin selling lower-cost lithium iron phosphate (LFP) batteries produced at its China plant, as numerous automakers shift towards LFP cells to increase profit margins on their electric vehicle businesses. The South Korean battery maker has been making nickel manganese cobalt (NMC) battery cells, which offer longer ranges for the same weight as other cells, for Tesla’s China-made vehicles since 2020, while rival CATL provides the Elon Musk-led automaker with LFP batteries. Auto majors such as Volkswagen and Ford already source LFP batteries from partners Gotion and CATL, respectively. [Reuters]