CATL M3P chemistry was assumed to be Lithium Manganese Iron Phosphate (LMFP) as it was said that the chemistry passed interim testing earlier in the year and CATL will now send samples to automakers for further testing.
A source close to the CATL Investor Relations team pointed out that the company is actually developing its M3P batteries, but their chemistry is different from that of the LMFP battery. CATL reports that M3P cells also contain other metallic elements not found in LMFP.
Instead, the company prefers to call the upcoming technology "triple phosphate chemistry system lithium battery". Regardless of what M3P batteries are made of, they promise to deliver greater energy density than Lithium Iron Phosphate (LFP), but at cost parity with triple lithium cells.
We don't know what that official density will be yet, but for comparison, LMFP batteries have a theoretical energy density 15-20% higher than LFP batteries, but at the same price.
Whatever CATL does differently in its proprietary M3P batteries, it seems to help keep costs down - a big plus for EV innovation and hopefully less expensive EVs in the future. More details are sure to come as CATL hopes to bring its latest battery technology to market next year.