Battery manufacturers have been striving to produce more efficient batteries, such as NCM batteries that contain nickel, cobalt, and manganese. High-nickel batteries can help manufacturers save costs and extend the driving range of electric vehicles. Nickel is cheaper than cobalt, which is an expensive rare-earth element widely used in lithium-ion batteries and is susceptible to sudden price fluctuations.
SK On said the company has agreed with the Swedish EV manufacturer to provide its battery modules for Polestar 5. To improve charging performance and energy density, the battery maker used large amount of nickel and increased the proportion of silicon among anode materials. "We are delighted to collaborate with Polestar on its top-tier EV model," SK On CEO Jee Dong-seob said in a statement on November 6.
"Our relationship with SK On has been fruitful following our initial MOU and their investment in our brand," said Polestar CEO Thomas Ingenlath. "Polestar 5 is developing at pace and will feature this high-capacity battery to provide the performance expected of our grand tourer."
Along with China's Zhejiang Geely Holding Group, the holding company of SK Group invested $60 million in Polestar in 2021. The South Korean group vowed to push for cooperation in various fields as a strategic partner with Polestar in the eco-friendly mobility business.
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