This file photo, provided by LG Energy Solution, shows its pouch-type, high-voltage Cell-to-Pack battery product with a mid-nickel composition. (Image courtesy of Yonhap)
SEOUL, Jan. 22 (Korea Bizwire) — South Korea’s three major battery makers likely made all-time-high investments in research and development (R&D) activities last year despite a slowdown in electric vehicle sales, industry sources said Wednesday.
LG Energy Solution Ltd. (LGES), Samsung SDI Co. and SK On are estimated to have invested more than 2.5 trillion won (US$1.7 billion) in R&D projects in 2024, up from 2.47 trillion won a year earlier, according to the sources.
LGES, the country’s leading battery firm, is projected to have invested more than 1.1 trillion won in next-generation battery development last year, up 6 percent from about 1.04 trillion won the previous year.
Samsung SDI’s R&D investment in 2024 is estimated to have exceeded its 2023 spending at around 1.14 trillion won.
SK On likely made a similar level of R&D investment last year as its 300.6 billion won in 2023.
The industry sources note their preemptive R&D investments may have been aimed at quickly responding to a recovery in battery demand following the EV “chasm,” which is occurring before the widespread adoption of EVs.
(Yonhap)
