L&F Adopts Two-Track NCM-LFP Strategy, Targeting 4.5-Fold Increase in Shipments by 2030

[Financial News] L&F plans to increase its shipment volume in 2030 to 4.5 times last year's level, with high-nickel NCM (nickel-cobalt-manganese) and LFP (lithium iron phosphate) cathode materials serving as its two main pillars. The company will expand supply channels for its high-nickel products to next-generation cylindrical batteries and robotics, while targeting the energy storage system (ESS) and mass-market electric vehicle markets with LFP. It will also diversify its products, customers and regions by leveraging its technological competitiveness and a non-China supply chain based on domestic production.
L&F announced on the 18th that it held the '2026 Investor Day' on the 17th at its Guji 3 Plant in Dalseong County, Daegu, for domestic and overseas institutional investors and analysts, unveiling its mid- to long-term growth strategy. The company aims to increase total shipments in 2030 by 4.5 times compared with 2025, with NCM accounting for 63% and LFP for 37% of its product mix.
In its high-nickel NCM business, L&F will respond to broader adoption by global automakers by focusing on products for 46-mm cylindrical batteries, for which it began supplying materials late last year. The company plans to expand applications into new demand sources such as robotics and increase NCM shipments by an average of 23% annually through 2030.
L&F's strategy for its LFP business is to secure market share through high-density products and a non-China supply chain. Starting with shipments of LFP cathode materials for ESS this year, the company will step up efforts to target the non-China ESS market and later expand its supply scope to mass-market electric vehicles.
LANDFPLUS, L&F's wholly owned subsidiary, handles the production and sales of LFP cathode materials. It plans to develop third-generation high-density LFP products with a compacted density (PD) of at least 2.50 g/cc, addressing the relatively low energy density of existing LFP products while securing both price and performance competitiveness.
The company is also pursuing technology development to improve cost and supply chain competitiveness. Alongside diversifying precursor sources, it plans to develop precursor-free LFP technology to strengthen its non-China supply chain.
LANDFPLUS shipped pilot-produced materials made at South Korea's first mass-production line for LFP cathode materials late July. It plans to begin mass production with an annual capacity of 30,000 tons at the end of this month and gradually establish a total annual production capacity of 60,000 tons by the first half of next year.
LANDFPLUS is also considering expanding production capacity to more than 120,000 tons to respond to growing global ESS demand and additional supply requests from customers. On the day, investors visited the LANDFPLUS production line and reviewed key processes, from raw material input through production and storage, as well as preparations for mass production.
L&F also shared progress toward the mid- to long-term targets presented at its first Investor Day in 2024. It said this year's shipments are expected to increase to about twice the 2024 level, driven by stronger competitiveness in high-nickel products and the expansion of its new LFP business. The company forecast that next year's shipments and the share of new overseas customers will exceed the targets presented at the time.
Ryu Seung-heon, L&F's CFO, said, "Through this Investor Day, we directly shared with investors the business results we have achieved so far and our future growth strategy." He added, "We will further enhance the technological competitiveness of high-nickel NCM and expand the LFP business in earnest, while broadening our business base into new growth areas such as 46-mm batteries and robotics." He continued, "We will continue to diversify our product, customer and regional portfolios to strengthen our ability to respond to market changes and enhance corporate value based on a differentiated growth foundation."
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