The South Korean government will host the K-battery strategy report competition along with LG Energy Solution, Samsung SDI, and SK Innovation and announce comprehensive measures to grow the battery industry’s ecosystem. Plans for private-public cooperation to grow the K-battery ecosystem and the three battery companies’ mid- to long-term investment strategies will be announced.
According to multiple sources in the business sector on Thursday, the government decided to hold the K-battery strategy report competition at the Ochang plant of LG Energy Solution on July 8 and informed the battery companies. The event will be attended by LG Energy Solution CEO Kim Jong-hyun, Samsung SDI CEO Jeon Young-hyun, and SK innovation CEO & President Kim Jun.
It is expected that private-public partnerships to boost the South Korean battery industry will be announced as they were at the K-semiconductor strategy report competition held in May at the Pyeongtaek campus of Samsung Electronics. It was reported to announce the following: 1) the government’s plans to develop battery talents and provide budget support for research and development; 2) measures for the battery industry’s infrastructure and incentives; and 3) the three battery companies’ next-generation battery research and development and investment plans. “It is possible that the three companies may share a message for comprehensive cooperation to achieve the competitiveness of the K-battery industry,” said a high-ranking source in the business sector.
LG Energy Solution, Samsung SDI, and SK Innovation are competing fiercely against China’s CATL and Japan’s Panasonic for the global battery market. They are working with major automobile manufacturers, such as Volkswagen in Germany and GM and Ford in the U.S. However, CATL, the no. 1 player in the world, is expanding its business based on the massive domestic market of China. Panasonic supplies heavily to Tesla and set up a joint venture company with Japanese automobile company Toyota, hinting the expansion of partnerships for electric vehicles in Japan.
Dong-Il Seo email@example.com