SK On to mass produce LFP batteries in 2026: Report

One of South Korea’s leading battery manufacturers SK On could start mass production of lithium iron phosphate (LFP) batteries for electric vehicles (EVs) by 2026 to start the supplies and reduce battery prices to lead over its Chinese competitors.

Choi Young-chan, Chief Administrative Officer of SK On told Reuters that the Korean company is in discussion with major EV makers to sign deals on LFP battery shipments. However, the SK ON’s official remained mum on the name of those car makers.

LFP batteries are cheaper than nickel-cobalt batteries and it could help automakers to reduce the overall price of the EV and the entire vehicle production.

This battery has several benefits to offer compared to lithium-ion batteries including durability, better recharge cycle, temperature management, and safety.

Choi mentioned that his company has successfully developed this battery technology and it’s ready for production. From the current point of understanding, SK On aims to produce LFP batteries by 2026 or 2027.

LFP Battery SK ON showcase

Other Korean suppliers including LG Energy Solution and Samsung SDI also have plans to produce LFP batteries in 2026.

SK On is currently an EV battery supplier to automakers including Ford, Volkswagen, Hyundai, and more.

“The biggest challenge is cost. We have to compete with the Chinese LFPs. Maybe it’s not easy,” he said. “So, we are not focusing on the price itself. We are focusing on energy density, charging time, and efficiency. So, we have to find out that kind of OEMs who need our competitiveness,” added Choi.

Last year, SK On announced to spend 470 billion won ($352 million) to begin mass production in 2018 of solid-state batteries (via KEDglobal).

However, Choi cleared the air of doubt that the firm is not in talks with any U.S.-based EV maker about the LFP battery supply. Thus, SK On is focused on the European market and EU automakers for the time being.