Japanese Tesla supplier to take on Chinese rivals to tap EV boom

Sumitomo Steel Mining desires to start out making supplies for a less expensive kind of electrical car battery — containing no nickel — that’s poised for international recognition after storming the world’s prime EV market, China.

Iron-based batteries generally known as LFP have quickly expanded their function in China as a lower-cost rival to varieties with nickel, particularly in smaller and low-range automobiles. They may seize greater than half of the worldwide battery market in coming years, in response to Katsuya Tanaka, an government officer at Sumitomo, which already makes nickel-bearing supplies for Tesla and Toyota vehicles.