April 26, 2023 11:37
Korean battery makers are rushing to build new factories both here and in the U.S.
Their moves come after the U.S. Inflation Reduction Act, which scraps tax credits for electric vehicles not manufactured there.
LG Energy Solution said on Tuesday that it will invest W600 billion to improve its factory in Ochang, North Chungcheong Province for a reliable supply of next-generation batteries (US$1=W1,332).
Hyundai and SK On will build a plant in the U.S. state of Georgia. Some US$5 billion will be spent on the joint-venture plant with an aim to manufacture enough batteries to supply about 300,000 EVs a year, once construction of the plant is complete and it starts production sometime in 2025.
Meanwhile, Samsung SDI will join hands with GM to establish a joint venture. The U.S. automaker already has similar deals with three other battery makers including LG Energy Solution.
- Copyright © Chosunilbo & Chosun.com