South Korean power battery company LG Chem plans to launch a single-crystal cathode material for electric vehicle batteries within the year, according to foreign media reports.
In addition, LG Chem is also developing medium nickel cathodes with reduced nickel and cobalt content.
LG Chem is a Korean power battery company that supplies electric car batteries to 13 of the top 20 car brands, including Volkswagen, Renault, General Motors, Ford, Hyundai, Volvo, Audi, Daimler and others.
LG Chem spun off its battery business in order to vigorously develop its battery business, seize the growth opportunity of electric vehicle batteries and enhance the value of the company and its shareholders.
In mid-July 2022, the company announced that it will invest 10 trillion won (currently about 55 billion yuan, $8.7 billion) by 2025 to expand its battery materials, renewable energy and bio businesses.