SEOUL, Aug. 14 (Yonhap) — South Korea’s electrical automobile (EV) battery makers are anticipated to face fierce competitors in Europe within the upcoming years as European firms are ramping up efforts to broaden their clout within the fast-growing sector, a commerce group right here stated Wednesday.
“However as soon as European firms full their investments and begin mass producing their very own EV batteries, it is inevitable for them to face actual competitors,” KITA stated.
KITA stated it anticipated that annual EV gross sales within the continent will attain four million items in 2025.
LG Chem presently runs an EV battery plant in Poland and is contemplating constructing one other in Europe. SK Innovation and Samsung SDI function EV battery crops in Hungary.
European-made EV batteries solely account for four % of the worldwide market, however to broaden their presence, European automakers, together with Volkswagen Group, just lately determined to inject 145 billion euros (US$162 billion) for the subsequent 10 years to arrange their very own EV battery crops, KITA stated. The Europeans additionally shaped the European Battery Union in 2017.
The European Union (EU) has inked free commerce agreements with Central and South American nations that produce key supplies for EV batteries, which implies that South Korea also needs to transfer ahead to signal offers with nations that produce uncooked supplies like lithium and cobalt so as to safe a steady provide community.