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In 2025, lithium iron phosphate (LFP) batteries overtook nickel-based chemistries in electric vehicle deployments, driven by lower costs and reduced reliance on controversial materials. LFP batteries accounted for over half of global EV battery deployments, with Chinese manufacturers leading the transition, while North America experienced a decline due to tariffs. Additionally, Jinhong Gas has launched operations in Mérida, Spain, to support the battery materials industry with a significant investment and job creation.