Battery divisions at LG and Samsung announced they will be developing low-cost batteries of their own
Major Korean battery makers are scrambling in the wake of Tesla’s announcement that it will be installing low-cost lithium iron phosphate (LFP) batteries in its standard-range electric vehicles (EVs). Domestic companies mainly produce mid- to high-priced batteries, meaning they could lose the low-cost battery segment to Chinese competitors. How each company is responding to this challenge is fueling interest. Jang Seung-se, executive vice president for business strategy at LG Energy Solution — which holds the second-largest share of the global market for EV batteries — spoke at an earnings presentation on Monday, saying, "LFP batteries boast cost competitiveness but are also heavy with low energy density, and this is disadvantageous for fuel efficiency." "We are developing a low-cost battery that can overcome weaknesses such as fuel economy without the need for expensive cobalt." Releasing its third-quarter earnings last week, Tesla said the LFP battery it wants to use in its entry-level EV (standard range model) has inexpensive iron and phosphorus added to the positive electrode. The battery’s lower energy density makes it worse for driving range than batteries made by Korean companies — which use non-ferrous metals like nickel, cobalt and manganese for cathode materials — but is cheaper and more stable. LFP batteries are mainly produced by Chinese companies such as...
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