Hyun-ju Han, Gounee Yang

Global Economic News

SK Innovation is currently developing lithium iron phosphate (LFP) batteries, which have been improved compared with existing batteries.

“LFP batteries have 60 percent lower energy density than NCM [nickel manganese cobalt oxides] batteries. The LFP has drawn attention recently after Tesla and Volkswagen announced that they will install LFP batteries in their electric vehicles,” said SK Innovation.

“Despite the expansion of the market, there are still disadvantages of LFP batteries,” SK Innovation said. “LFP batteries have low energy density and larger size than other existing batteries. It is questionable whether these features can respond to various OEMs [original equipment manufacturers].”