SEOUL, Dec. 4 (Korea Bizwire) – As concerns mount over a prolonged drop in electric vehicle demand and potential impacts of Donald Trump’s potential return to the White House, South Korea’s battery manufacturers are adapting their strategies amid growing industry turbulence marked by EV plant closures and bankruptcies worldwide. The country’s three major battery makers are [...]
SEOUL, Dec. 3 (Korea Bizwire) — LG Energy Solution Ltd. (LGES), South Korea’s leading battery maker, said Tuesday it is considering buying General Motors Co.’s stake in their joint venture battery plant in Michigan. “The company is considering acquiring the Ultium Cells JV 3 plant in Lansing, Michigan, to effectively operate its U.S. plants and [...]
SEOUL, Nov. 18 (Korea Bizwire) – Kia has significantly scaled back production of its EV9 electric SUV at its Georgia plant, as the automaker navigates stricter U.S. tax credit requirements and awaits the completion of local battery manufacturing facilities. According to Kia’s sales data, only 21 EV9s were produced at the Georgia plant through the third [...]
SEOUL, Nov. 8 (Korea Bizwire) — South Korea’s leading battery maker LG Energy Solution (LGES) said Friday it has clinched a deal to supply electric vehicle batteries to U.S. automotive manufacturer Rivian. Under the deal, LGES will provide Rivian with its advanced 4695 cylindrical batteries, totaling 67 gigawatt hours, for over five years, according to [...]
SEOUL, Nov. 6 (Korea Bizwire) – The Washington Post reported on November 3 that sodium-ion batteries are gaining attention as a potential challenger to lithium-ion batteries, which have dominated the rechargeable battery market for decades, offering a cheaper and more environmentally friendly alternative. Also known as sodium batteries, these devices operate on principles similar to lithium-ion [...]
DAEJEON, Nov. 5 (Korea Bizwire) – In a significant development highlighting South Korea’s dominance in battery technology, patent applications for battery fire safety technologies have surged nineteen-fold over the past decade, according to data released by the Korean Intellectual Property Office on November 3. An analysis of patent applications filed with major patent offices worldwide—including South [...]
SEOUL, Oct. 7 (Korea Bizwire) — Mercedes-Benz car dealers in South Korea have apparently been trained by the company’s local unit to tell customers that the automaker used battery cells produced exclusively by CATL in its electric vehicle (EV) models. In the 2023 EQ Sales Playbook, Mercedes-Benz Korea’s official dealer training material, dealers were instructed [...]
SEOUL, Oct. 7 (Korea Bizwire) – As the global electric vehicle (EV) market grapples with a drop in demand, South Korea’s battery industry is struggling to emerge from a prolonged slump. Increasingly, these companies are turning to U.S. tax incentives to bolster their financial performance. According to industry analysts, the three major South Korean battery manufacturers — [...]
SEOUL, Sept. 26 (Korea Bizwire) — Hyundai Motor Co. and Kia Corp., South Korea’s leading automotive companies, said Thursday they have launched a joint project to develop cathode material technology for producing LFP (lithium iron phosphate) batteries for electric vehicles. The joint project, also involving Hyundai Steel Co. and Ecopro BM Co., aims to develop [...]
SEOUL, Sept. 18 (Korea Bizwire) – As the global electric vehicle (EV) market navigates through a temporary dip in demand, South Korean automakers and financial institutions are introducing innovative products to spark consumer interest. These offerings, centered around guaranteeing the residual value of EV batteries, are reshaping the future of EV ownership. At the heart of [...]