EV manufacturers, constrained by slowing demand, are scrambling to do so make their cars affordable for low-income buyers. Ford Motor Company f for its part, it is working on ways to reduce costs and potentially pass the benefits on to consumers.

What happened: The lithium iron phosphate or LFP battery would come to Ford Mustang Mach-E and the F-150 Lightning EV pickup truck until 2023 or 2024 Ford Pro CEO Ted Cannis said at a recent Evercore Utility Conference, reported Ford authority.

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Batteries using the LFP chemistry will be 10-15% less expensive, the executive said. While it may not have dense chemistry, it allows for more durability and more cycles, he added. Higher energy density allows electric vehicles to run longer without increasing the size of the battery pack.

“So it looks like a good solution for customers who aren’t looking for all the density and wider reach of NCM,” Cannis reportedly said. “This is a great opportunity,” he added.

NCM, or nickel-cobalt-manganese, is expensive because it contains a similar amount of lithium as in LFP batteries and also contains cobalt, which is expensive and made using a controversial process, SP Global said in a report.

Why it matters: Ford describes itself as the second-largest US electric vehicle manufacturer and has set a goal of making a full transition to green energy vehicles. The company announced this in July 2022 it would source LFP battery packs from a Chinese supplier CATL.

The world’s largest EV battery maker will begin supplying LFP batteries for the Mustang Mach-E in 2023 and for the F-150 Lightning EV in 2024, Blue Oval said at the time.

Price promotion: According to Ford, Wednesday’s session closed up 0.39% at $12.79 Benzinga Pro data.

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