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.

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Officials have not yet given specific range data, but according to previous reports, this model will be equipped with a dual-motor, all-wheel drive power system with a power of up to 650 kilowatts and a torque of 900 Newton meters. At the same time, the target cruising range may be as high as 373 miles (about 600 kilometers).

The Polestar 5 is currently scheduled to be produced in 2025, which is a delay from the 2024 previously hinted at.

In 2021, SK Group invested in Polestar Motors through a new mobility fund and signed a memorandum of understanding (MOU) “to strengthen their cooperation in the field of electric vehicles.” In other words, in addition to LG Energy Solution and CATL , more Polestar cars may be equipped with SK On batteries in the future.

Polestar Motors sold nearly 14,000 pure electric vehicles in the third quarter of 2023, and its plan for 2023 is to deliver 60,000-70,000 vehicles.

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According to reports, compared with the 4.3V of lithium-ion batteries, the capacity of this type of battery can also be increased to 5.5V. Note: This research result has been published in the IF19.9 issue of Advanced Functional Materials, a sub-journal of Advanced.

SK On said that while increasing the lithium-ion conduction speed would reduce stability, the company employed technology to uniformly control the microstructure of LLZO.

Long-term exposure of conventional solid electrolytes to water and carbon dioxide is said to cause performance degradation, but this electrolyte has shown high stability, and SK On is currently developing polymer oxide and sulfide solid-state batteries.

Although the oxide solid electrolyte has lower ion conductivity than the sulfide electrolyte, it is less reactive to the cathode material and can control the formation of lithium dendrites, the company said, and the graphite anode can be replaced with metallic lithium.

The company plans to have a prototype by 2026 and start mass production in 2028. It is worth mentioning that its laboratory in Daejeon is building a battery test line, which is expected to be put into use next year.

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BlueOval SK’s conditional low-cost government loan comes from the government’s Advanced Technology Vehicle Manufacturing (ATVM) loan scheme.

The plants will power vehicles using these batteries over the next few decades, displacing more than 455 million gallons of gasoline annually, the U.S. Department of Energy said. The project is expected to create a total of about 5,000 construction jobs in Tennessee and Kentucky, as well as 7,500 operations jobs once the factories start producing batteries.

Last year, the U.S. Department of Energy also allocated $2.5 billion to a joint venture between General Motors and LG New Energy to help it build new lithium-ion battery production facilities. The loan will be used for facilities in Ohio, Tennessee and Michigan.

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According to the latest news, Hyundai Motor Group, which is vigorously developing electric vehicles, will build a joint venture battery factory in the United States with SK On, a battery manufacturer under SK Group.

Hyundai Motor and Kia, a subsidiary of Hyundai Motor Group, have announced on their official websites that they will build a joint venture battery factory with SK On in the United States.

According to news released by Hyundai Motor and Kia, they and the board of directors of Hyundai Mobis, an auto parts manufacturer under Hyundai Motor Group, have approved plans to build a joint venture factory with SK On in the United States.

Hyundai Motor also disclosed that their battery factory, a joint venture with SK On, is planned to be built in Barto County, Georgia. Each holds 50% of the shares with SK On, and the planned annual production capacity is 35GWh, which can meet the demand for the production of 300,000 electric vehicles.

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Judging from the data of research institutions, whether it is sales or net profit, the domestic CATL was higher than the three Korean manufacturers that vigorously developing the electric vehicle battery business last year.

In terms of revenue, CATL last year was 328.594 billion RMB, equivalent to 47.6 billion U.S. dollars, a year-on-year increase of 152.07%; LG New Energy was 19.4 billion U.S. dollars, Samsung SDI was 15.3 billion U.S. dollars, and SK On was 5.8 billion U.S. dollars. The total revenue of the three companies The revenue was US$40.5 billion, which was US$7.1 billion lower than that of CATL.

Higher revenue means that CATL has a higher market share. According to agency data, CATL had a global market share of 37% last year, an increase of 4 percentage points from 2021. The highest among the three major South Korean manufacturers is LG New Energy, but its market share fell 6 percentage points to 23% last year.

In terms of profit, CATL’s net profit attributable to shareholders of listed companies last year was 30.729 billion RMB, equivalent to 4.451 billion US dollars, a year-on-year increase of 92.89%. Among the three major Korean manufacturers, LG New Energy was 533 million US dollars, and Samsung SDI was 610 million US dollars. , SK On had a net loss of US$762 million, and the net profit of the three companies was less than 10% of that of the CATL.

Higher revenue also means that CATL has the ability to make larger investments in research and development and capacity expansion. Foreign media also mentioned in the report that CATL invested about US$2.2 billion in research and development last year, significantly higher than LG New Energy’s US$610 million and Samsung SDI’s US$762 million.

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The fire occurred on Feb. 4 of this year at a Ford vehicle parking location while the company was conducting a pre-delivery quality inspection. Ford said the root cause of the fire was confirmed shortly after the incident.

Following this incident, Ford suspended production and shipping of the F-150 Lightning. As for the reason for the suspension of the F-150 Lightning, Ford claimed that SK On’s faulty battery was the cause of the suspension, but SK On countered that it was a one-time issue and that there was no quality problem with the battery.

SK On resumed production of the battery line for Ford’s electric pickup F-150 Lightning in late February this year. At the time, sources said that with the restart of SK On’s battery line, Ford was also expected to resume production and shipments of the F-150 Lightning in the near future.

On March 2, Ford said it would begin production of the F-150 Lightning electric pickup again on March 13.

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It is reported that Ford suspended the production and shipment of the F-150 Lightning after a pre-delivery quality inspection recently found a battery problem in an electric truck.

Last Wednesday, Ford said it would extend the shutdown of the F-150 Lightning all-electric pickup to at least the end of this week as it investigates a battery issue.

As for the reason for the F-150 Lightning shutdown, Ford claimed that SK On’s faulty battery was the cause of the shutdown, but SK On countered that it was a one-time issue and that the battery was not of quality.

Today, Ford is working to ensure the safety of its customers by taking the necessary steps to investigate and address any potential problems found. The company has sent its own battery researchers to South Korea this month to investigate the issue, according to foreign media reports.

Last week, the company said it believes it has identified the root cause and expects to complete its investigation by the end of the week, followed by adjustments to the truck’s battery production process. Next month, the company will send more personnel to South Korea to examine the equipment and machinery used at the BlueOval SK plant.

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People familiar with the matter said that the financing will be mainly for international investors, and it is planned to complete financing as early as the end of March.

In December last year, SK On raised 2 trillion won (currently about 10.76 billion CNY) from SK Innovation and 800 billion won (currently about 4.304 billion CNY) from financial investors such as Korea Investment Private Equity. One of the people familiar with the matter, who did not want to be named, said that in this round of financing, the company’s valuation was 22 trillion won (currently about 118.36 billion CNY).

A spokesman for SK On declined to comment on the valuation but said that as part of last year’s fundraising, SK On expects to raise an additional 500 billion won (currently about 2.69 billion CNY) in private equity funds this year. The amount and timing of the latest fundraising The table has not yet been determined.

SK Innovation said on Tuesday that it would focus spending on growing SK on this year, even though the business took longer than expected to become profitable. SK Innovation pointed out that SK On accounted for 15% of the group’s revenue in the fourth quarter.

The battery unit is loss-making in 2022 due to challenges including a global chip shortage, rising raw material prices, rising labor costs, unfavorable exchange rates and delays in ramping up production at factories in Hungary and the United States. The company’s chief financial officer said Tuesday that it expects to be profitable in 2024.

In November, SK Innovation said SK On would eventually conduct an initial public offering (IPO) based on an agreement with financial investors.

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According to reports, Hyundai has begun construction of a new electric vehicle production facility in Ulsan. SK On plans to start investing in the Seosan plant this year with the goal of starting commercial production in 2024 to supply batteries for Hyundai’s electric vehicles, the sources said.

SK On is expected to spend about 500 billion won to expand Seosan’s current production capacity of 5GWh per year to 10GWh.

According to public information, SK On’s Seosan plant started producing batteries in September 2012 and broke through 5GWh of production capacity in 2018. At the same time, SK On began building overseas facilities in China, Hungary and the U.S. and is focusing on these facilities more than those in Korea. SK On will expand its production capacity to mainly produce 300mm-long batteries.

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