LAS VEGAS : South Korea's SK On plans to produce a new, lithium-iron-phosphate electric vehicle battery by 2025 as part of an effort to deliver lower-cost batteries to automakers squeezed by rising EV costs, a senior executive of the company said on Thursday.'We're going to produce an LFP product by 2025,
LAS VEGAS : South Korea's SK On plans to produce a new, lithium-iron-phosphate electric vehicle battery by 2025 as part of an effort to deliver lower-cost batteries to automakers squeezed by rising EV costs, a senior executive of the company said on Thursday.
SK On customer Ford Motor Co said last year it plans to offer Chinese-made lithium iron batteries from CATL in its Ford F-150 Lightning electric truck next year. Tesla Inc and EV startup Rivian also have announced plans to use LFP batteries. The cost advantage from lithium-iron chemistry depends on where the batteries are made, Lee said. LFP batteries made in China can have a 20 per cent cost advantage over nickel cobalt batteries. LFP batteries produced in Europe can cost 15 per cent less, he said."If you produce in the United States, there is no benefit," he said.
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