LG新能量寻求磷酸锂来赶上宁国王

On July 27, LG New Energy released its financial results showing that its net profit in the second quarter of this year was 89.9 billion won, down 85.7 percent year-on-year. Operating profit fell 73 per cent from a year earlier to Won195.6 billion. LG New Energy cited continued disruptions in global supply chains as the reason for the profit decline.

同时，LG New Energy宣布了2023年在LG的中国工厂生产磷酸铁电池的计划。

作为前“电池负责人”，LG的新能源主要生产三元锂电池，市场份额与Ningde时代相当，而双方曾经处于“转弯”状态。然而，随着磷酸锂在市场上越来越流行，LG新能源与宁德时间之间的差距正在扩大。

现在，LG新能量开始强迫磷酸锂，三元锂是否不香？还是我们试图跟上Ningde时代？

肺锂电池行业分析师Hao Hongmei通过所有信息向《美国证券报》记者说，磷酸锂可以提高电池，特斯拉和其他汽车公司的渗透性共享，维护现有客户，必须进一步布局磷酸锂电池。

迫使磷酸锂赶上“国王宁”吗？

In the past two years, LG New Energy and Ningde Times have been competing with each other.

LG New Energy debuted on the Korean Stock Exchange on Jan 27, 2022, with an opening price of 597,000 won, marking the largest IPO in South Korea's history. At the time, Kwon Young-soo, LG New Energy's chief executive, said the company would soon beat its Chinese rival, Ningde Times, in the global race for electric vehicle batteries.

早在2020年上半年，LG的新能源通过向中国的特斯拉提供电池来超越宁德时代。据了解，LG的新能源和宁德都为特斯拉的上海工厂提供电池。其中，LG的新能源主要为特斯拉提供三元锂电池，该电池对应于属于高端系列的长期寿命版本和高性能版本。Ningde Times主要提供磷酸锂电池，对应于该模型的标准范围。

However, LG new energy into the road is not so smooth. According to data from South Korean market Research institute SNE Research, in the global power battery installation list in 2021, Ningde Times ranked first with the global installed capacity of 96.7GWh and the market share of 32.6%, followed by LG New Energy with the global installed capacity of 60.2GWh and the market share of 20.3%.

The gap between LG New Energy and Ningde Times widened in the first half of this year.

According to the data released by the above institutions, Ningde Times in the first half of the year with 69GWh installed continue to dominate the list, a year-on-year increase of 111%, market share of 34%, continue to expand the gap between other players; LG New Energy ranked second in the world with 28GWh installed capacity, with a significantly slower growth rate of only 4% and a market share of 14%.

除了Ningde Times的市场份额远非LG New Energy，由于电池的原材料价格急剧上涨，LG New Energy在上市的前半年的性能也令人沮丧。

From the perspective of the secondary market, LG New Energy's share price has fallen all the way since the listing. As of July 27, it closed at 393,500 won, down more than 34 percent since the listing.

Hao Hongmei believes that the frequency and comprehensiveness of product technology innovation lags behind the Ningde era, making the market share of LG new energy continuously reduced.

Beijing special billion sunshine new energy President Qi Haishen to "securities Daily" reporter said, LG new energy behind NingDE times the main reason or lack of market acuity. Ningde Times also has ternary lithium battery, which used to be the main product, but the development strategy of "walking on two legs" of Ningde Times is very flexible and keeps pace with The Times. After all, lithium battery industry is a "technology + capital" dual-intensive industry, product iteration and upgrading is very fast, in this track, a little careless will be left behind.

Lithium iron phosphate is favored because of its cost advantages

实际上，由于磷酸锂的成本优势，不仅是LG新能源，而且越来越多的汽车公司都喜欢。

最新数据显示，在今年上半年，中国安装了110.1GWH的电池，同比增长109.8％。其中，三元锂电池安装占41.4％，同比增长51.2％；安装的磷酸锂电池量占58.5％，同比增长189.7％。

世界各地的汽车制造商正在转向磷酸锂电池。最近，该公司宣布已与福特签署了一份谅解备忘录，从明年开始向中国，欧洲和北美提供磷酸锂电池。

It is worth mentioning that the continuous acquisition of lithium iron phosphate orders from global car companies is also an important reason for the increasing market share of Ningde Times.

At present, Tesla's purchase of lithium iron phosphate batteries from Ningde Times has accounted for 19% of its total shipment, making it the largest customer.

“特斯拉和比特等热模型的大规模应用促进了磷酸锂电池的渗透率迅速提高，逐渐超过了Teralithium电池。”Citic Securities Research报告说，预计到2025年，在电池领域，随着世界主流汽车公司的锂铁模型的发布，磷酸锂电池将占该份额的43％；在储能中，预计将来的磷酸锂电池将占市场的85％。

齐·海森（Qi Haishen）认为，LG的磷酸锂电池项目的新能源布局是一个实用的举动。近年来，安装的磷酸铁锂电池量迅速增加。短途通勤是新能量车辆的巨大应用方案。此外，磷酸锂电池更安全，还可以在新的储能系统中使用，这也是一个巨大的应用市场。