LG Ensol breaks the monopoly of "lithium iron phosphate batteries" in China

LG Energy Solution has successfully won an order for LFP (lithium, phosphate, iron) batteries for electric vehicles from French automaker Renault. It is estimated that domestic battery companies have begun to fight back against the low-end lithium iron phosphate battery market that has been dominated by Chinese companies, and the scale supply contract can produce 590,000 electric vehicles.

LG Energy Solution announced on the 1st (local time) that it has signed a supply contract for bagged lithium iron phosphate batteries for electric vehicles with Renault's electric vehicle division "Ampere" at Renault's headquarters in Paris, France.

The battery supply period is a total of 5 years from the end of next year to 2030. The total supply scale is 39GWh (gigawatt hours), enough to manufacture about 590,000 pure electric vehicles. The batteries will be produced at LG Energy Solutions' plant in Wroclaw, Poland, and will be installed in Renault's next-generation electric vehicle models.

Among domestic battery companies, LG Energy Solution is the first company to sign a supply contract for lithium iron phosphate batteries for electric vehicles. Domestic companies mainly produce and sell NCM (lithium, cobalt, manganese) ternary batteries installed in high-performance electric vehicles.

Analysts believe that the significance of this order also lies in that it breaks through the main product line of Chinese companies in Europe, the world's third largest market. In the field of soft-pack batteries, LG Energy Solution has a diversified product portfolio, from high-end products such as high-nickel NCMA (nickel, cobalt, manganese, aluminum) to medium- and low-priced products such as high-voltage medium-nickel NCM and LFP batteries.

Kim Dong-myung, CEO of LG Energy Solution, said: "Starting with targeting the fierce battlefield in Europe, we will begin to seriously receive global lithium iron phosphate battery orders and continue to use our mature local supply capabilities and unparalleled product portfolio."

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