L&F Pursues Two-Track Cathode Material Strategy... 4.5x Shipment Increase Targeted by 2030

2030 Portfolio Set at 63% NCM, 37% LFP
NCM Shipments to Grow at 23% CAGR
LFP Production Capacity to Reach 60,000 Tons Annually by First Half of 2027

L&F is set to expand its business portfolio by focusing on both high-nickel nickel cobalt manganese (NCM) and lithium iron phosphate (LFP), aiming to increase its total shipments in 2030 by 4.5 times compared to 2025.

2026 Investor Day event scene. L&F

L&F announced on the 18th that it had presented this mid- to long-term growth strategy during its '2026 Investor Day,' held at its Guji 3rd Plant in Dalseong-gun, Daegu, for domestic and international institutional investors and analysts.

By 2030, L&F plans to structure its product portfolio with 63% NCM and 37% LFP. The company intends to diversify its products, customers, and regions, while also expanding demand beyond electric vehicles (EV) and energy storage systems (ESS) to include fields such as robotics.

In the NCM segment, L&F aims to expand new demand for cathode materials used in 46mm cylindrical batteries—which began shipping late last year—and for robotics products. By doing so, the company targets an average annual growth rate of 23% in NCM shipments by 2030.

For the LFP business, L&F is targeting the ESS and mass-market EV sectors by leveraging high-density products, domestic production, and a non-China supply chain. Shipment of LFP cathode materials for ESS began this year, with plans to extend their application to mass-market EVs in the future.

L&F Plus, L&F’s wholly owned subsidiary responsible for LFP cathode material production and sales, is developing third-generation high-density LFP products with a packing density (PD) of 2.50 g/cc or higher. At the end of July, the company shipped pilot production samples from its domestic LFP cathode manufacturing line, with mass production at an annual capacity of 30,000 tons scheduled to start at the end of this month.

Production capacity will be increased to 60,000 tons per year by the first half of 2027. In response to global ESS demand and additional supply requests, L&F is also considering further expansion to over 120,000 tons per year.

L&F is concurrently working on diversifying its precursor supply chain and developing precursor-free LFP technology. This strategy is designed to enhance cost competitiveness while strengthening its non-China supply chain.

The company also disclosed progress on the targets set during its first Investor Day in 2024. Shipments this year have doubled compared to 2024, and the company expects both 2027 shipment volume and the proportion of new overseas customers to surpass the originally announced goals.

Lyu Seunghyun, Chief Financial Officer (CFO) of L&F, stated, "We will further enhance our technological competitiveness in high-nickel NCM and proactively expand the LFP business, while building our business foundation in new growth areas such as 46mm cylindrical batteries and robotics."

This content was produced with the assistance of AI translation services.