News Snapshot:
DETROIT (BLOOMBERG) - Tesla says it is shifting to cheaper lithium iron phosphate (LFP) batteries globally, a move away from the chemistry used to power most electric cars, as prices for key materials soar. The switch to LFP batteries will apply to Tesla's standard-range vehicles, the company said in its third-quarter earnings release, confirming a strategy flagged last year to use the budget components to deliver lower-cost models. Most of the auto industry relies on nickel and cobalt in lithium-ion batteries to boost electric car performance. Yet supplies of both materials are constrained, and ethical issues have long dogged cobalt...
