🏭 Having given up on the giant battery factory it will establish in Turkey together with Koç Holding #kchol and Ford, SK On is preparing for more cost-effective LFP battery production than existing NMC solutions.
✅The LFP battery provides a 20% cost advantage compared to NMC cathode batteries. It has very critical features for electric vehicles, such as being much longer lasting, not containing materials that may cause supply problems such as cobalt, and not exploding even if punctured.
⚡ South Korean SK On says it is currently conducting supply negotiations with automobile manufacturers. The company plans to start mass production in 2026-27. It is expected to invest in a facility in Europe or China for production.
🟢SK On has also factories in the USA, China, South Korea and Hungary. The company would produce NMC cells in Turkey. The introduction of the LFP battery as an attractive alternative by Chinese companies, especially CATL and BYD, pushes Korean manufacturers to invest in this technology. LG and Samsung previously announced that they would start LFP production in 2026.
