The primary concern with Li-Ion batteries is safety. Overcharging and overheating can cause fire and explosions. The exception to this is the LiFePO4 battery.
Lithium Cobalt Oxide (LiCoO2) chemistry has been used for consumer electronics and digital applications, such as mobile phones and digital cameras, since 1993. LiCoO2 battery offers very high energy density. However, this chemistry is not suitable to large format Lithium-ion Battery for EV applications, because that LiCoO2 material is very expensive and unsafe.
The chemistry of Lithium Manganese Oxide (LiMn2O4) is not a good option for EV applications, because of its poor cycle life, especially at elevated temperature. In addition, the energy density of the battery with LiMn2O4 chemistry is the lowest one among all lithium-ion batteries, about 100 Wh/kg, similar to that of NiMH batteries.
A newer material, Lithium Nickel Cobalt Manganese Oxide Li(NiCoMn)O2 is a better candidate for large format batteries. By using only one third of Co metal in the compound the cost is lower than for LiCoO2 with similar safety.
The most recent entry, Lithium Iron Phosphate (LiFePO4), is becoming the "best-choice" for large capacity, high power EV applications. A LiFePO4 battery has the “best of both worlds” characteristics. It is as safe SLA batteries, as powerful as lithium ion cells and a lower life cycle cost.