SK On has finished the development of its own lithium iron phosphate (LFP) battery and will start production in 2026 at the earliest, the company CEO told reporters on Wednesday.
While Chinese companies are perceived to have price-competitiveness in the LFP battery market, South Korean companies will also have their competitiveness when considering the North American market, SK On CEO Lee Seok-hee told reporters during the InterBattery 2024 conference being held in Coex, Seoul.
The CEO’s comment likely refers to the trade limits imposed on Chinese companies by the US government.
Lee also said BlueOval SK, SK On’s battery-making joint venture with Ford in the US, was building its second factory in Kentucky as planned and the company plans to start factory operations flexibly depending on market conditions.
The CEO also said SK On was planning to turn a profit for the first time this year.
Last year, the battery maker recorded 581.8 billion won in operating loss. Lee said the company was focused on securing profitability and will continue its efforts to reduce costs.
