The M3P battery is based on a new material system developed by CATL and has a higher energy density than LFP batteries and a lower cost than ternary batteries.

M3P battery uses the olivine structure of LFP as the base lattice structure, replacing iron at some points by doping two of the metallic elements including magnesium, zinc and aluminum, according to a recent research note by Shengang Securities.

This design generates a ternary material in the phosphate system to improve charge/discharge capacity and cycle stability, according to the note.

The M3P synthesis process is built on the lithium manganese iron phosphate process, but it is more mature and suitable for mass production, Shengang Securities said, adding that M3P materials cost significantly less than high nickel ternary systems and have broad application prospects in low- and mid-range models.

Notably, during a presentation at the conference yesterday, CATL chairman Robin Zeng also mentioned that the company is developing M3P battery, but provided no further details.

(CATL Chairman Robin Zeng spoke at the 2022 World EV & ES Battery Conference on July 21.)

A local media report earlier this month brought CATL's M3P battery to widespread attention.

On July 12, LatePost reported that CATL, Sunwoda and Eve Energy's lithium manganese iron phosphate (LMFP) battery had passed interim tests in the first half of this year and was now sending samples to car companies for testing.

CATL plans to mass produce the battery this year, and it is the "M3P battery" that Zeng mentioned in a road show in February, the report said.

LMFP batteries have a theoretical energy density of up to 230 Wh/Kg, 15-20 percent higher than LFP batteries, but the cost of the material makes little difference, according to LatePost.

On July 13, Southern Finance cited CATL's investor relations source as saying the company is developing the M3P battery, but it is different from the LMFP battery.

CATL is China's largest power battery maker, with 13.4 GWh of batteries installed in China in June, ranking first with a 49.6 percent share, according to data released by the China Automotive Battery Innovation Alliance on July 11.

BYD's power battery installed base in China in June was 5.01 GWh, ranking second with a share of 18.53 percent.

CATL says it's developing M3P battery, different from LMFP battery