SK On CEO Lee Seok-hee said at the InterBattery 2024 Summit that the company has completed the development of its own lithium iron phosphate (LFP) battery and plans to start it in 2026 Production.
He said that while Chinese companies are considered price competitive in the lithium iron phosphate battery market, Korean companies are also very competitive when considering the North American market.
SK On also said earlier this year that it was in talks with some major traditional automakers or original equipment manufacturers (OEMs) who are seeking to reach LFP battery supply agreements.
Lee Suk-hee also said that SK On and Ford’s joint venture battery manufacturer BlueOval SK in the United States are working on the construction of a planned second factory in Kentucky and plan to flexibly start factory operations based on market conditions.
He also said SK On plans to become profitable for the first time this year. Last year, the company recorded an operating loss of 581.8 billion won (Note: currently about 3.142 billion RMB). Li Shuoxi said that the company is focusing on ensuring profitability and will continue to work hard to reduce costs.
