Seoul [South Korea], October 7 (ANI/Global Economic): South Korean battery companies have belatedly started to develop lithium iron phosphate (LFP) batteries, which are mainly produced by the Chinese industry. Korean battery industry is mainly producing NCM (nickel, cobalt, and manganese) ternary power batteries.
According to the industry on the 7th, SK Innovation General President Kim Jun and SK on President Ji Dong-seop, who visited the U.S. for the business trip, said in an interview with Reuters on the 5th that they are considering developing LFP batteries. General President Kim and President Ji predicted that the shortage of battery supply in the U.S. will continue until 2025.
"Automobile companies are interested in LFP batteries," said President Ji. "Volkswagen and Ford announced their plans to adopt LFP batteries, and Tesla said in its earnings announcement for the second quarter that it will apply LFP batteries to about two-thirds of its electric vehicles."LFP batteries are products that Chinese companies such as CATL and BYD have been focusing on due to limitations in NCM development technology. It is considered relatively inexpensive and safe by using iron rather than expensive raw materials such as cobalt.
The industry analyzed that battery companies have considered developing LFP batteries as the price of raw materials such as cobalt is increasing and battery safety issues are emerging due to electric vehicle fires.
In addition, it is predicted that producing not only existing NCM ternary power batteries but also LFP batteries will be advantageous in entering the mid- to low-priced market. An official from SK Innovation said, "The existing battery type is a premium model. But if we produce a low-price battery model, it can be expanded in various fields such as small electric vehicles and mobility."Recently, LG Energy Solution is also reportedly preparing to develop LFP battery products. An official from LG Energy Solution said, "We are considering developing LFP batteries." (ANI/Global Economic)