Vehicles with LG Chem batteries
According to Arirang News, Korean battery manufacturers are preparing an expansion into China's New Energy Vehicles market, which should enable them to take over Japanese competitors in market share.
Since 2011, Japan has been losing its market share and if nothing changes, then some experts expect that soon both countries will switch places (South korea will move to #1, while Japan will fall to #2).
Interesting is that since 2010, Japan and Korea had together well over 90% of the plug-in car market share for lithium-ion batteries. Peak was observed in 2013 (95.6%) and in 2013 it's estimated at 92.4%.
Korean companies, which aim to take the lead, are heavily investing now in China.
LG Chem recently add SAIC and Qoros to its customers list with plans to build battery plant, while Samsung SDI plans to invest $600 million within five years in a new battery factory in China. SK Innovation has entered into a joint venture with Beijing BESK Technology and would like to be the leader.
Will we see South Korea overtake Japan for lithium-ion battery market share for plug-in vehicles this year?