It is reported that LG New Energy will suspend the development of prismatic batteries, focusing on existing pouch and cylindrical batteries

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Pinwan, July 26, according to BUSSINESSKOREA, LG Energy Solution is expected to temporarily stop the development of prismatic batteries and focus on existing pouch and cylindrical batteries.

LG New Energy announced earlier this year that the company plans to develop prismatic batteries. To this end, LG New Energy formed a prismatic battery development team in January. However, many of the team’s engineers have recently moved to the automotive battery development and small battery development departments. This implies that LG is temporarily suspending the development of prismatic batteries.

In addition, LG New Energy recently announced that it is reconsidering plans to build a new cylindrical battery factory in Arizona due to surging investment costs. That means LG is likely to focus on existing pouch and cylindrical batteries.

LG New Energy’s operating profit in the second quarter of this year was 195.6 billion won (about 997 million yuan), a decrease of 73% from the same period last year and a decrease of 24.4% from the previous quarter.

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