SK On mulls development of LFP batteries for lower-priced EVs

[Photo by SK Innovation Co.]

SK Innovation’s standalone battery unit SK On is considering developing lithium iron phosphate (LFP) batteries targeting lower-priced electric vehicles as part of efforts to diversify its product portfolio amid growing concerns over tight global battery supplies.

Finished carmakers have a greater interest in the LFP battery, which has an advantage of low cost and better stability despite a shorter driving range, SK On CEO Jee Dong-seob and SK Innovation CEO Kim Jun said during their interview with Reuters.

LFP technology is gaining traction despite low energy density because LFP batteries boast of better thermal stability. It is also cheaper to make LFP batteries because it requires iron, instead of expensive cobalt, a core material for high Nickel-Manganese-Cobalt batteries.

SK On CEO Jee Dong-seob

The battery industry expects the demand for the LFP batteries would grow fast in line with an increase in demand for lower-priced small EVs amid fast mobility shift to zero-emitting vehicles.

EV giant Tesla recently began sales of LPF battery-powered Model 3 in the U.S., and Volkswagen and Ford also announced they will use the battery.

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