Jul 12, 2021

South Korea to invest billions in battery industry

South Korea plans to invest approx. €30 billion in its EV battery industry by 2030 to secure a strong position in the global battery race. These investments – both in R&D and battery production – will be led by key players like LG Energy Solution, SK Innovation or Samsung SDI, reported Bloomberg last week.

South Korea counts some of the world’s biggest EV battery producers, accounting for a third of the global market for the period Jan-May 2021, which are expanding globally.

As reported on our website in the past, we have noticed an increasing number of investments from Asian players on the European continent, showing that Europe is on the rise when it comes to battery production. SK Innovation to build a new battery factory in Hungary is a recent example. With the latest ambitions announced by the South Korean government, we can expect more of them in the years to come.

Read the full article on Bloomberg.com.

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