When will Korean Battery Makers produce cheaper lithium iron phosphate (LFP) batteries?

[JOINT PRESS CORPS] Korean battery makers will produce cheaper lithium iron phosphate (LFP) batteries no later than 2026, their CEOs say, to challenge the dominance of a few Chinese names like CATL and BYD.

Why is lithium iron phosphate a key step in cost control?

Intensifying competition and slowing demand for battery-electric vehicles are pressuring carmakers to lower manufacturing costs. The lithium iron phosphate (LFP) battery technology is emerging as a key step in cost control, with almost all major global automakers looking to integrate the battery chemistry into their product portfolios.

Why are domestic battery makers pursuing cheaper lithium iron phosphate batteries?

Domestic battery makers are all pursuing cheaper lithium iron phosphate batteries with a production goal of 2026 in bid to chip away at the market strength of China's CATL and BYD.

What is Samsung SDI's lithium iron phosphate battery prototype?

Samsung SDI’s lithium iron phosphate battery prototype for energy storage systems is displayed at the InterBattery expo in March last year in Seoul. (Bloomberg)

How big is a new lithium ion battery?

The new cell type has a diameter of 46 millimeters and is 95 mm tall, the battery maker said in a press release. It will feature six times the capacity of the existing 2170 cylindrical cells. "Its larger size enables higher energy density, improved space efficiency, and enhanced safety, which is attracting industry-wide attention," LGES said.