LG Energy Solution, Samsung SDI and SK On are racing to develop alternatives to lithium-ion batteries, the current standard for EVs. “They could develop technologies by themselves and nurture relationships with original equipment manufacturers, which would be a strong weapon for them to grow.” “ have accumulated knowledge on manufacturing battery cells,” says Kim. He says the chaebols could leverage synergies in research and development. Richard Kim, associate director of automotive supply chain and technology at S&P Global, says it will be very difficult for Korean companies to take the lead in EV battery production away from Chinese manufacturers, which long have benefitted from aggressive subsidies and other forms of government support. Six million EVs are expected to ship worldwide this year, and 36 million by 2030, according to a January report from Gartner.Ĭhunbo's Lee Sang-ryul.
government to stop buying non-electrics by that year. A draft EU law would ban new, non-electric vehicles by 2035, and President Joe Biden wants the U.S. The push comes at a time EVs are becoming mainstays of global automakers and gaining popularity with governments. LG Energy Solution says it will invest $21 billion. LG, Samsung and SK were tapped to invest a combined $35 billion in facilities and R&D, in return for tax cuts of up to 50% and other benefits. Last July, President Moon Jae-in unveiled plans aimed at making South Korea the world’s leading EV battery manufacturer by 2030. Helping encourage expansion by the three chaebols is the government’s national “K-Battery” strategy. SK On’s 6% market share comes from supplying automakers such as Ford and Volkswagen. It separated from parent company SK Innovation last September. SeongJoon Cho/Getty ImagesĪ newcomer to the industry is SK On, the EV battery unit of Chey Tae-won’s SK.
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