As early as July 2020, LG Chem, which had not yet separated LG New Energy at the time, said that they had won an order of 150 trillion won ($125 billion in total) and that it would continue to expand it in the next five years.

In 2020, until September, LG Chem once surpassed the CATL era to become the world's number one. It's just that in the subsequent development, LG Chem's batteries were found to have defects and other problems, and the world's number one in the final year was the CATL era.

According to recent news, at the special general meeting of shareholders on September 16, SK Innovation had revealed that they now hold more than 1,000 GWh of battery orders. This requires SK Innovation to increase the annual battery production capacity from the current 40GWh to more than 200GWh in 2025.

SK Innovation’s lithium-ion EV battery business was officially split on October 1, 2021, and became a wholly-owned subsidiary named SK On. SK Innovation said, “The new company name of the battery business SK On has a pun, referring to open and continue. The company name reflects SK On's move towards, and the willingness to stride for becoming the number one company in the global battery industry. "

The CEO of SK On said: "SK On will provide the market with the safest, fastest, most durable, and most reliable products and services. To this end, we will establish an independent management system that can quickly respond to market changes and continue to become a global player. The undisputed leader in the electric vehicle industry."

SK On intends to take full advantage of this spin-off and promote the company to become a global leader by 2030. According to the plan, SK On's current annual global battery production capacity of 40GWh will be expanded to 85GWh in 2023, 220GWh in 2025, and more than 500GWh in 2030.

In North America, in May of this year, SK Innovation and Ford Motor established a battery joint venture BlueOvalSK, each holding 50% of the shares. On September 27th, SK Innovation and Ford Motor announced again that the two sides will invest 11.4 billion U.S. dollars to build three battery plants and an electric vehicle assembly plant, which are expected to start production in 2025.

Specifically, the electric vehicle assembly plant will be independently built by Ford, and the three battery plants will be in charge of BlueOvalSK. Among them, the production base in Tennessee has an annual production capacity of 43GWh; the two factories in Kentucky have an annual production capacity of 86GWh, with a total annual production capacity of 129GWh, which are jointly undertaken by BlueOvalSK and SK Innovation. This marked the birth of the largest battery factory in the history of the United States.

In Europe, SK Innovation's first plant in Hungary has started mass production in 2020, and SK Innovation has three other battery plants under construction in Hungary.

Like LG New Energy, SK On's goal is No. 1 in the world.

The latest news on October 7 said that SK On is considering entering into the lithium iron phosphate (LFP) battery business. In an interview with a Reuters reporter on October 5, the CEO of SK Innovation said: "We are considering the development of LFP batteries. Although their capacity density is low, they have advantages in terms of cost and thermal stability."

Lithium-ion battery (LIB) has become the main energy storage solution in modern social life. Among them, lithium iron phosphate batteries are a perfect substitute for lead-acid batteries and are the first choice for grid-connected peak shaving, off-grid energy storage, photovoltaic energy storage, UPS, data center, and other industries.