Seoul Heterosexual Battery Price

Why are South Korea's top battery makers turning to low-priced batteries?

(SK On) SEOUL – After years of a high-pricing, premium strategy, South Korea’s top three battery makers — LG Energy Solution, Samsung SDI and SK On — are increasingly turning their eyes to low-priced batteries in an apparent move to prevent ceding more market share to their fast-growing Chinese rivals in the soaring global electric vehicle market.

Are South Korea's battery makers pursuing a more affordable chemistry?

REUTERS/Kim Hong-Ji/File photo Purchase Licensing Rights SEOUL, Dec 12 (Reuters) - Under pressure from clients eager to diversify away from China, South Korean makers of automotive batteries have pledged to develop a more affordable type of battery chemistry favoured by their Chinese rivals.

Are South Korean companies aiming to light a spark in EV batteries?

South Korean companies are aiming to light a spark in the electric vehicle (EV) battery industry. Despite a recent slowdown in adoption, the global automobile market has continued its long-term shift toward electric mobility. Interest in components under the hood, such as batteries, has consequently grown in recent years.

Are Korean LFP batteries more expensive than Chinese batteries?

Chung Wonsuk, an analyst at Hi Investment & Securities, estimates any Korean-made LFP batteries would likely be 17% more expensive than Chinese products and that could jump to 40% if the batteries were produced in the U.S. due to higher labour and infrastructure costs.

Are LFP batteries made in South Korea?

At present, none of the three major South Korean suppliers - which account for nearly half of global automotive battery supply excluding the Chinese market - make LFP automotive batteries. LGES does, however, manufacture other types of LFP batteries. All three firms have recently said they are accelerating LFP development.

Are Korean battery makers losing ground against Chinese companies?

Korean battery makers are rapidly losing ground against Chinese companies, with the three companies holding a combined 23.7 percent of the global EV battery market last year, down 6.5 percentage points from the same period a year earlier. Chinese companies held 60.4 percent of the battery market last year, compared to 48.2 percent in 2021.