South Korean Battery manufacturers are to step up their investment in the industry to drive development. This new set of investments is to supersede the investment they made for the first half of the year. The companies in the South Korean industry are LG Energy Solution, Samsung SDI, and SK.
In the first half of the year, all three companies made individual investments that sum up to KRW 4.551 trillion ($3.4 billion). Out of all three, SK came forth with the least investment and LG Energy Solutions had the most. We know of the partnership between LG Chem and GM for the long-term supply of EV batteries. That is just one of the many effects or results of LG’s investment in the EV battery field.
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Samsung SDI is said to have an existing partnership with Stellaris. This partnership is to lead to building a plant, a project which should commence before the end of the year. SK on its part is working on joint ventures with car manufacturers like Ford and Volkswagen.
All three companies will aim to set up their investments in the EV battery industry. Their investments will aim toward the American EV industry. Currently, China holds the place of the largest EV battery manufacturer in the world. South Korean battery manufacturers might try to compete with Chinese manufacturers for the top spot in the battery manufacturing industry.
