According to foreign media reports, LG Chemical subsidiary LG Energy Solutions has begun to develop its own lithium iron phosphate (LFP) battery, and the new products will be mainly sold to Chinese enterprises.
LG Energy Solutions has begun to develop LFP batteries in its laboratory in Daejeon (Daejeon), South Korea. The company plans to set up a trial production line for LFP batteries as early as next year. It is reported that LG's LFP battery will be in the form of a soft package, rather than the square or cylindrical form commonly used by Chinese battery manufacturers.
LG Energy Solutions plans to work with its parent company LG Chemical to provide raw materials for its LFP batteries. South Korean media speculated that LG Chemical would seek a joint venture with Chinese partners to supply raw materials for LFP batteries in LG energy solutions.
Last year, Tesla began using LFP batteries on the standard Plus version of the Model 3 made in China, supplied by the Chinese company Ningde Times. Since then, Tesla began to use LFP batteries on the basic version of Model 3 and the basic version of Model Y made in China.
In May 2021, Tesla announced that he would use LFP batteries in his Megapack energy storage system. Just last month, Tesla told US order holders that they would be able to choose the standard Plus version of Model 3 with LFP batteries.
For LG energy solutions, the development of LFP batteries is a good business move. It is reported that in the future, more and more electric vehicle companies, such as Rivian), and even Apple, will use this kind of iron-based battery in their basic vehicles.
