According to a report by Yonhap News Agency on January 18, South Korean electric vehicle battery manufacturers are ramping up investments and research efforts to meet the rising demand for eco-friendly vehicles. As global automakers accelerate their shift toward electrification, battery makers are stepping up production and innovation to stay ahead of the curve.
Samsung SDI’s CEO, Jun Young-hyun, emphasized that the EV battery market is set to grow significantly, driving the company’s future business strategy. The company is confident in meeting its growth targets this year, with the official opening of its new EV battery plant in Hungary expected to play a key role in this expansion.
With stricter regulations on greenhouse gas emissions and increasing fuel efficiency standards, automakers worldwide are accelerating their transition to electric vehicles. LG Chem, one of the leading battery suppliers for major carmakers like Audi and Renault-Nissan, has been actively expanding its production capacity. In 2016, the company invested 400 billion won (around $375 million) to build a battery factory in Poland, which will produce over 100,000 units annually once fully operational.
SK Innovation, another key player in the sector, announced a massive investment of 1 trillion won ($925 million) to expand its battery manufacturing lines. A new plant in Komarom, Hungary, covering 430,000 square meters, is set to start construction in February and begin operations in 2020. With an annual output of 7.5 GWh, the facility is strategically located near Audi and Daimler production sites. Additionally, SK Innovation is upgrading its Seosan plant in South Korea, boosting domestic battery supply and aiming for a total capacity of 4.7 GWh. The new batteries are expected to enable electric vehicles to travel over 500 kilometers on a single charge.
As a leader in both oil refining and battery technology, SK Innovation has been developing EV batteries since 2008, positioning itself as a key player in the global green energy transition. (Internship Compilation: Zhang Yifei, Reviewer: Liu Yang)
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