South Korea Behind Japan & China In EV Battery Race
KERI tries to convince the government to purchase more EVs and support manufacturers
According to the Korea Economic Research Institute (KERI), the South Korean EV battery manufacturers are lagging behind its biggest rivals from Japan and China.
On the other hand, Chinese Contemporary Amperex Technology (CATL) and BYD take advantage of the rapidly growing home market, while Panasonic expands together with its biggest battery customer – Tesla.
The Japanese, Chinese, and South Korean manufacturers control the battery market – having over 80% share according to KERI.
LG Chem, Samsung SDI, SK Innovation has a chance to improve its position when Hyundai Motor Group (Hyundai and Kia) starts volume EV production, and the general European industry increases demand (without its own, European battery manufacturer).
“KERI advised the government to purchase more EVs for the public sector, provide more subsidies to buyers of such green cars and beef up the country’s charging infrastructure.
The government said it is pushing to get 250,000 EVs to the public and private sectors by 2020, while increasing investments in charging stations in major cities.”
Categories: Battery Tech