LG Energy Solution faces $1.9 billion in compensation and turns to lithium iron phosphate market for breakthrough

Due to the fire problem of Chevrolet Bolt electric car batteries, LG Energy Solution once faced a huge compensation of up to 1.9 billion US dollars. In the past two years, LG Energy Solution's ternary lithium battery has attracted attention from the industry due to fire accidents. In order to meet this challenge, LG Energy Solution accelerated its transition to the lithium iron phosphate market and planned to build a battery factory with an annual production capacity of 16GWh in Arizona, and signed a long-term supply agreement to purchase 160,000 tons of lithium iron phosphate positive electrode material products from Changzhou Lithium Source.