Korean battery companies are shifting their focus to cobalt-free batteries to enhance the price competitiveness of their products.
Last week, when the three major Korean battery companies announced their earnings on conference calls, all of them stressed they would focus on cobalt-free batteries to respond to the growing preference for relatively cheap Chinese-made lithium iron phosphate (LFP) batteries.
As battery prices soar, global battery companies are ramping up investment in relatively cheap LFP investments. According to Taiwanese market research firm TrendForce, LFP’s global market share stood at 32 percent to 36 percent in 2021. Although ternary batteries made of nickel, cobalt, and manganese still account for more than 60 percent, some experts forecast that LFP batteries will overtake ternary batteries in 2024.
Currently, the main producers of…