Rivian Automotive Inc (NASDAQ: RIVN) will start using batteries made of lithium-iron-phosphate (LFP) in some of its cars this year as a hedge against rocketing nickel prices, the electric vehicle maker's CEO RJ Scaringe said on Thursday.
What Happened: The EV maker plans to offer LFP batteries in its standard variant vehicles at lower costs before extending it to other commercial platforms and consumer vehicles by late 2023.
