China Model 3s approved with LFP batteries

• Tesla (NASDAQ:TSLA) has scored government approval to build Model 3 vehicles in China with lithium iron phosphate batteries, marking the first time a U.S. automaker has included the batteries in its lineup.
• EV manufacturers usually use nickel-cobalt-aluminum or nickel-manganese-cobalt batteries because of their higher energy density, which determines how far a vehicle can be driven on single charge.
• What's the benefit of Tesla's LFPs? They most probably wouldn't need cobalt - one of the most expensive metals in EV batteries - and might be cheaper than existing batteries by a "double-digit percent."