LG Energy Solution to launch LFP batteries for EVs in 2025

LG Energy Solution CEO Kwon Young-soo said on Friday that the company will begin manufacturing lithium iron phosphate (LFP) batteries for energy storage systems this year.

Kwon also confirmed that the company will begin manufacturing LFP batteries for EVs in 2025, following the battery maker’s annual shareholders meeting.

Meanwhile, the CEO also said LG Energy Solution’s planned joint venture with auto giant Toyota was well on the way.

Kwon also said the South Korean battery maker will finalize its spending plan for its factory in Arizona soon.

There were multiple reasons for a delayed decision but a final decision will be made within the first half of the year, the CEO said.

LG Energy Solution’s collaboration with Tesla will also be finalized in the same time period, Kwon added.

At the shareholders meeting, LG Energy Solution said it is aiming to expand its annual revenue by up to 30% this year compared to 2020.

Last year, the battery maker reported 25.59 trillion won in revenue and 1.21 trillion won in operating income, its highest figures to date.