SEOUL, Aug. 7 (Korea Bizwire) – South Korea’s battery material companies are intensifying efforts to boost local precursor production capabilities, aiming to decrease reliance on imports from China while ensuring stable procurement, in light of the implementation of the U.S. Inflation Reduction Act (IRA). LS Corp., the holding company of the electric power equipment enterprise [...]
SEOUL, Aug. 3 (Korea Bizwire) — Three major South Korean battery makers saw their market share fall in the first half of the year from a year earlier despite solid growth, as bigger Chinese rivals further expanded their overseas foothold, a report said Thursday. The combined market share of the three — LG Energy Solution [...]
SEOUL, Aug. 2 (Korea Bizwire) — LS Group signed an agreement with government entities Wednesday on its joint-venture project to build a 1.84 trillion-won (US$1.4 billion) battery precursor plant in a southwestern industrial park. LS signed the investment agreement with Saemangeum Development and Investment Agency, the North Jeolla Province government, the Gunsan City government and [...]
SEOUL, July 27 (Korea Bizwire) — Samsung SDI Co. said Thursday its second-quarter operating income rose 4.9 percent from a year earlier, buoyed by solid demand in its premium electric vehicle (EV) batteries. Operating profit reached 450.2 billion won (US$354.7 million) in the April-June period, compared with 429 billion won the previous year, the company [...]
SEOUL, July 27 (Korea Bizwire) — LG Energy Solution Ltd. (LGES) said Thursday its second-quarter operating profit more than doubled from a year earlier, driven by the continued strong electric vehicle (EV) demand. Operating income reached 460.6 billion won (US$361.5 million) in the April-June period, compared with 195.6 billion won the previous year, the company [...]
SEOUL, July 24 (Korea Bizwire) — Samsung SDI Co. said Monday it plans to build a second battery manufacturing facility with Stellantis N.V. in the United States, in addition to the ongoing project for their first plant in Indiana. The two companies signed a memorandum of understanding for the envisioned second battery gigafactory, aiming to [...]
SEOUL, July 24 (Korea Bizwire) — POSCO Future M Co. said Monday its second-quarter operating profit fell 5.6 percent from a year earlier, while unveiling a plan to spend over 680 billion won (US$529 million) to expand its manufacturing facility for a key electric vehicle (EV) battery material. Operating income reached 52.1 billion won in [...]
SEOUL, July 18 (Korea Bizwire) — The share of South Korean companies in the production capacity of the North American and European separation membrane market is expected to exceed 70 percent by 2030, a report showed Monday. South Korean separation membrane makers, including SK IE Technology Co. (SKIET), W-Scope Chungju Plant Co. (WCP), and LG [...]
SEOUL, July 16 (Korea Bizwire) — Lotte Energy Materials Corp. said Sunday it has signed a deal to make a 7.9 billion-won (US$6.2 million) equity investment in a French electric vehicle battery materials startup as part of its plans to enter the next-generation silicon anode market. In an investment agreement signed Friday, Lotte Energy Materials, [...]
SEOUL, July 11 (Korea Bizwire) — South Korea’s steelmaking giant POSCO Holdings Inc. said Tuesday it will sharply expand its production of key rechargeable battery materials over the next seven years to generate more than 60 trillion won (US$46.4 billion) in sales from the sector. POSCO Holdings said it is aiming to generate 62 trillion [...]