<i>The chemistry race isbeing run against a cost target that keeps moving away from it.</i>Lithium iron phosphate packs averaged $81 per kWh in 2025 against $128 for nickel manganese cobalt, and LFP holds about 95 per cent of new utility-scale storage awards. Solid-state cells stay on pilot lines until 2027 at both CATL and BYD. Volume production waits until 2030.

A race is emerging between China's battery industry leaders CATL and BYD over which company will be the first to produce solid-state batteries on a small

<i>The chemistry race isbeing run against a cost target that keeps moving away from it.</i>Lithium iron phosphate packs averaged $81 per kWh in 2025 against $128 for nickel…