LG Energy Solution has formed a task force to develop prismatic batteries and is in talks with its customers. This move comes as demand for prismatic batteries in the electric vehicle market continues to rise due to their enhanced safety features and cost-efficient production processes.
Nearly 50 percent European market share
Prismatic batteries, developed by LG Energy Solution in the 1990s, are experiencing a resurgence. According to SNE Research, prismatic batteries accounted for 49 percent of the European market in 2023, up from 19 percent in 2019. LG claims this shift highlights the growing preference for prismatic batteries over pouch and cylindrical batteries, which comprised 35 percent and 16 percent of the market, respectively, in 2023.
SK On preparing mass production
Another key player, SK On, has completed the development of its prismatic form factor technology and is preparing for mass production. According to CFO Kim Kyung-hoon, the company is in discussions with customers about the production timeline.
Source:
https://www.businesskorea.co.kr/news/articleView.html?idxno=222448
