South Korea’s EV battery manufacturers Samsung SDI and LG Chem plan to invest in boosting output. Samsung is mulling the construction of a new unit in the United States to support automakers’ electrification plans.
It is likely to invest about SKW4tn to serve automakers like Stellantis and Ford-backed EV start-up Rivian noted media reports on Jul 8. The company has yet to reveal its complete strategy on the project, including whether it will seek a joint venture or go ahead independently. Another South Korean Li-ion battery maker, LG Chem, indicated to the media on Thursday about plans to invest nearly SKW15.1tn along with its parent company LG Energy Solution (LGES) to boost the country’s total output. LGES plans to expand its annual capacity to 260GWh in South Korea by 2030.
Samsung’s plant expansion and LG Chem’s capacity ramp-up are both geared towards accomplishing South Korea’s greater goal of a whopping SKW40tn investment in the sector by 2030. Samsung SDI, LGES, and SK Innovations are three of the largest EV battery manufacturers in South Korea.