[Special Stock] Cowintech Hits Consecutive Record Highs for Two Days on Electric Vehicle 'LEP Battery' Boost

[Asia Economy Reporter Ji Yeon-jin] Following Tesla, it is expected that LFP batteries will be installed in electric vehicle models from Hyundai and Kia Motors, leading Kowin Tech to record new highs for two consecutive days.

On the 29th, Kowin Tech's stock price rose by 5,450 KRW (14.97%) compared to the previous day, reaching 41,850 KRW during trading. This is a 52-week high, and the previous day it also surged to the daily limit price during trading, recording a new high of 37,750 KRW. As of 9:47 AM on the same day, the stock was trading at 39,950 KRW, up 8.65%.

Kowin Tech holds a 50% stake in Top Material, which is known to be the only company in Korea producing LFP batteries.

Earlier, Hyundai Mobis recently signed a license agreement with CATL for CTP technology. This is to increase the system energy density of LFP batteries and simplify the manufacturing process to improve cost efficiency.

LFP batteries are lithium-based but use iron (Fe) instead of rare metals cobalt and nickel. They are known to be about 30% cheaper compared to ternary (NCM) batteries. In particular, using CTP technology can compensate for the biggest drawback of LFP batteries, which is their short driving range.

Hyundai Mobis plans to supply the systems developed under this license agreement to Hyundai Motor's E-GMP-based electric vehicles to be produced in the future. Previously, Tesla announced in its Q3 investment presentation that it would replace the batteries used in standard-range driving models from ternary batteries to LFP batteries.