Automotive giant Ford is shoring up its battery supply chain — partly by importing lower-cost, iron-based batteries popular in China — as it sprints to increase electric vehicle production.

Why it matters: Employing cheaper, safer and more durable iron batteries could accelerate demand for mass-market electric vehicles (EVs), and help automakers sidestep nickel and cobalt supply problems that have been driving up EV prices.

The big picture: Carmakers' plans to shift away from gasoline-powered vehicles won't succeed unless they can secure reliable battery supplies. But with raw materials in short supply — and sourced primarily in Asia — the battery race is turning into a fierce geopolitical competition.

Driving the news: Ford said Thursday it had lined up enough batteries to meet its short-term goal of producing 600,000 EVs annually by 2023, up dramatically from the 27,140 battery-powered cars it sold in the U.S. last year.

Details: One way Ford intends to meet its EV targets: adding a second type of battery chemistry to its lineup called lithium iron phosphate (LFP), alongside its existing nickel cobalt manganese (NCM) chemistry.

Between the lines: Iron and phosphorous are abundant, which is why LFP cells cost at least 30% less than today's nickel- and cobalt-based batteries, Sam Abuelsamid, principal analyst at Guidehouse Insights, explains in Forbes.

Yes, but: LFP batteries pack 30% less energy than similarly-sized nickel-rich batteries, which translates into shorter driving range.

What to watch: Tesla increasingly uses cobalt-free LFP batteries in its entry-level vehicles, and it's expected Ford and others will too.

What they're saying: "We know that the battery material cost is where the war will be won in the short term," said Lisa Drake, vice president of EV industrialization for Ford's Model e division.