South Korean battery makers expect more opportunities in Europe: Report

According to the report, the EU legislature and EU member states reached an agreement last week on the ban on the sale of fuel vehicles from 2035, which means that the products sold in the EU member states market at that time will include: Zero-emission vehicles, including pure electric vehicles.

The ban on the sale of fuel vehicles in the EU means that the demand for electric vehicles will increase significantly, and it will also increase the demand for batteries, a key component, and relevant manufacturers will benefit from it.

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The Korean media said in the report that Korean battery manufacturers, which have a considerable share of the global electric vehicle battery market, will gain more opportunities from the EU’s ban on the sale of fuel vehicles.

There are currently three battery manufacturers in South Korea, namely LG New Energy, SK On, and Samsung SDI, of which LG New Energy is the second largest electric vehicle battery manufacturer in the world after CATL, SK On, and Samsung SDI.

South Korean battery makersThe installed capacity in recent months ranked fifth and sixth, respectively, and the three companies accounted for 25% of the global electric vehicle battery installed capacity in the first eight months of this year.

Korean media also mentioned in the report that three battery manufacturers are also expanding their factories in Europe, LG New Energy is expanding their factories in Europe, SK On is building their third factory in Europe in Hungary, and Samsung SDI there are already has two factories in Hungary, and they invested about 1 trillion won last year to expand production capacity.

Although South Korean media expect that manufacturers such as LG New Energy will have more opportunities in Europe, they also mentioned that domestic battery manufacturers may increase investment in the European market, and competition in the European market may be more intense at that time.

(via)

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