Samsung SDI, LG Energy Solution.. Finally a Battery Recovery Signal / Reasons to Look at L&F and POSCO Future M Again | Battery Dive Director Im Seong-gyun

Summary

Im Seong-gyun discusses battery sector recovery signals, focusing on Samsung SDI and LG Energy Solution's earnings improvements driven by ESS and LFP ramp-up. He highlights L&F's potential as a non-Chinese LFP cathode supplier and POSCO Future M's vertical integration advantage. European EV demand is recovering while U.S. demand remains weak, but high gas prices may help. All-solid-state batteries are promising but years away from mass production.

• Samsung SDI's battery unit earnings are improving driven by rising ESS utilization, but its LFP transition is still incomplete.
• LG Energy Solution is investing heavily in U.S. production but initial LFP output is causing losses.
• European pure EV sales are up over 30% year-on-year in early 2025, supporting Korean battery makers with European plants.
• U.S. EV demand slumped after subsidy cuts, but high gasoline prices may revive interest.
• L&F is the first Korean cathode maker to mass-produce LFP and plans U.S. production, aiming to become a major non-Chinese LFP supplier.
• POSCO Future M's vertical integration from mining to cathode provides a stable raw material cost advantage.
• All-solid-state batteries offer higher energy density and safety but mass production is likely after 2030.
• Lithium prices have tripled from the bottom, but cathode companies face margin pressure if lithium falls again.