SEOUL, Aug. 14 (Korea Bizwire) — South Korea’s electrical automobile (EV) battery makers are anticipated to face fierce competitors in Europe within the upcoming years as European corporations are ramping up efforts to increase their clout within the fast-growing sector, a commerce group right here mentioned Wednesday.
LG Chem Ltd., Samsung SDI Co., and SK Innovation Co. — South Korea’s main EV battery makers — are sustaining a staunch presence within the EV battery provide chain in Europe with their huge investments within the continent, in accordance with the Korea Worldwide Commerce Affiliation (KITA).
“However as soon as European corporations full their investments and begin mass producing their very own EV batteries, it’s inevitable for them to face actual competitors,” KITA mentioned.
KITA mentioned 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 vegetation in Hungary.
European-made EV batteries solely account for four p.c of the worldwide market, however to increase their presence, European automakers, together with Volkswagen Group, just lately determined to inject 145 billion euros (US$162 billion) for the following 10 years to arrange their very own EV battery vegetation, KITA mentioned.
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 signifies that South Korea must also transfer ahead to signal offers with nations that produce uncooked supplies like lithium and cobalt so as to safe a secure provide community.