Penn State engineers say:  "Hold the phone there, Buttercup!  We can make a cheap Lithium Iron Phosphate battery that will work for cheap in EVs!"

Well, if truth be told, and it will be told, the fellows at Penn State didn't exactly state things they way I told it in the above "quote".  They might have used slightly different language.

"Range anxiety, the fear of running out of power before being able to recharge an electric vehicle, may be a thing of the past, according to a team of Penn State engineers who are looking at lithium iron phosphate batteries that have a range of 250 miles with the ability to charge in 10 minutes."

This lithium iron phosphate battery approach wouldn't be anything Tesla would incorporate into its high dollar production EVs, but for those looking for something a lot more modest in price that they could keep in their home garage and tool around town with while not having to mortgage the wife and kids, this lithium iron phosphate battery might be the answer to their lower expectation needs in order to enter the marketplace for a cool low priced lithium battery powered EV.... it could happen!

"This battery has reduced weight, volume and cost," said Wang. "I am very happy that we finally found a battery that will benefit the mainstream consumer mass market."

"This is how we are going to change the environment and not contribute to just the luxury cars," said Wang. "Let everyone afford electric vehicles."

Inexpensive battery charges rapidly for electric vehicles, reduces range anxiety -- ScienceDaily