Скачать или смотреть Keeping the momentum going in S. Korea's EV battery industry

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South Korea's biggest battery and electric vehicle exhibitions kicked off on Wednesday, attracting hundreds of global companies to showcase their newest products.
Our Moon Hye-ryeon has the details on how firms and the government are keeping the industry booming despite setbacks with lower EV sales.

As countries around the world seek ways to reduce their carbon footprint, electric vehicle batteries have emerged as an up-and-coming industry.
To help domestic firms maintain traction in this market, the South Korean government pledged to foster research and development for batteries this year.

“We will invest more than 500 billion Korean won in R&D over the next five years for the development of next-generation batteries, low-end batteries, and eco-friendly technologies.”

Last year, the country’s battery exports amounted to just under 10 billion U.S. dollars, and as a market leader, South Korea showcases the newest battery trends every year.

“This year’s Interbattery and EV Trend Korea exhibitions are hosting the largest number of companies to date as the market continues to grow.”

Nearly 600 firms from both home and abroad were in attendance, including the commonly dubbed ‘K-trio’ – LG Energy Solution, Samsung SDI and SK on.
According to SNE Research, their combined market share came to just over 20 percent in January this year with all three recording year-on-year growth.
But with Chinese battery firms beginning to take bigger portions of the pie, South Korean companies are upping their game.
LG Energy Solution showcased mid-nickel NCM batteries that have a reduced proportion of nickel.

“Nickel is a rare resource, so reducing the amount of nickel that’s used helps to lower costs.”

Other than lowering costs to match their cheaper counterparts, firms are also diversifying their portfolios.
Samsung SDI plans to start mass production of their ‘All Solid Battery’ which boasts a longer lifespan and endurance in 2027, leading to safer EVs with longer running times.
SK on has jumped into the lithium iron phosphate battery market, with LFP batteries having a high power density that makes them ideal for EVs.

“LFP batteries don’t typically perform as well in low temperatures, but our new Winter Pro LFP battery has improved on those weaknesses.”

Despite lagging global EV sales, companies are finding ways to keep the momentum going.
With commercialization of these advanced technologies yet to hit the market, there's still much room for growth.
Moon Hye-ryeon, Arirang News.

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2024-03-07, 21:00 (KST)