SEOUL, May 9 (Korea Bizwire) — South Korean battery makers are increasing their presence in foreign markets, particularly in North America, by creating joint ventures (JVs) with automakers to reduce investment costs and comply with the U.S. Inflation Reduction Act (IRA). In a conference call last week, SK On Co. announced that it is “discussing [...]
SEOUL, May 3 (Korea Bizwire) — POSCO Future M Co., a leading secondary battery materials producer, said Wednesday it has teamed up with a Chinese cobalt producer to invest 1.7 trillion won (US$1.27 billion) to build production facilities for battery precursors and anode components. The precursor factory will be established under a joint venture with [...]
SEOUL, May 3 (Korea Bizwire) — South Korean battery maker SK On Co. said Wednesday it has signed an agreement with a U.S. graphite company to develop battery-grade anode materials in an effort to bolster the sourcing of raw materials. The joint development agreement (JDA), inked with Westwater Resources Inc., calls for the two companies [...]
JEJU, May 2 (Korea Bizwire) — The government and car manufacturers have to put a bigger focus on the safety of battery packs as a series of recent battery fires may drive down demand for electric vehicles (EVs) and have a negative impact on the burgeoning EV market, experts said Tuesday. South Korea currently has [...]
SEOUL, May 1 (Korea Bizwire) — SK IE Technology Co. (SKIET), an electronics materials maker of South Korea’s SK Group, said Monday that it has signed an initial deal with China’s electric vehicle battery manufacturer Sunwoda to supply a battery material. Under the memorandum of understanding, SKIET will provide its battery separators produced at its [...]
SEOUL, April 27 (Korea Bizwire) — Samsung SDI Co. said Thursday its first-quarter net profit rose 28 percent from a year earlier as surging demand for electric vehicle (EV) batteries gave a boost to the bottom line. Net income reached 464.5 billion won (US$347 million) in the January-March period, compared with 362.6 billion won the [...]
SEOUL, April 26 (Korea Bizwire) — Major South Korean battery components maker POSCO Future M Co. said Wednesday it has won a 30.3 trillion-won (US$22.6 billion) order to supply cathodes for LG Energy Solution Ltd., the country’s top battery maker. The deal calls for POSCO Future M to provide LG Energy Solution with high-nickel cathodes [...]
SEOUL, April 26 (Korea Bizwire) — LG Energy Solution Ltd. said Wednesday its first-quarter net profit more than doubled from a year earlier, in line with the earlier earnings forecast, on strong electric vehicles (EV) demand in North America and benefits from a new U.S. law on EV subsidies. Net profit for the three months [...]
SEOUL, April 25 (Korea Bizwire) — Samsung SDI Co. said Tuesday it is pushing to build an electric vehicle (EV) battery manufacturing facility in the United States in a joint venture with General Motors Co. The South Korean battery maker unveiled the plan in a regulatory filing, under which the two companies have agreed to [...]
SEOUL, April 25 (Korea Bizwire) — Hyundai Motor Group said Tuesday it will build a 6.5 trillion-won (US$4.9 billion) electric vehicle (EV) battery plant in the United States with SK Group’s battery unit SK On. Hyundai Motor Group’s three major affiliates — Hyundai Motor Co., Kia Corp. and Hyundai Mobis Co. — approved the investment [...]