South Korean battery firms make record investments amid EV slowdown

South Korea's 3 large artillery makers apt made all-time-high investments successful probe and improvement (R&D) activities past twelvemonth contempt a slowdown successful electrical conveyance sales, manufacture sources said connected Wednesday.

LG Energy Solution Ltd. (LGES), Samsung SDI Co. and SK On are estimated to person invested much than 2.5 trillion won (US$1.7 billion) successful R&D projects successful 2024, up from 2.47 trillion won a twelvemonth earlier, according to the sources.

LGES, the country's starring artillery firm, is projected to person invested much than 1.1 trillion won successful next-generation artillery improvement past year, up 6 percent from astir 1.04 trillion won the erstwhile year, reports Yonhap quality agency.

Samsung SDI's R&D concern successful 2024 is estimated to person exceeded its 2023 spending astatine astir 1.14 trillion won.

SK On apt made a akin level of R&D concern past twelvemonth arsenic its 300.6 cardinal won successful 2023.

The manufacture sources enactment their preemptive R&D investments whitethorn person been aimed astatine rapidly responding to a betterment successful artillery request pursuing the EV "chasm," which is occurring earlier the wide adoption of EVs.

Meanwhile, the full fig of registered vehicles successful South Korea surpassed 26 cardinal units past year, with eco-friendly cars accounting for implicit 10 percent for the archetypal time, driven by maturation successful hybrid conveyance sales, the authorities said.

According to the Ministry of Land, Infrastructure and Transport, the full fig of registered vehicles reached 26.3 cardinal units arsenic of the extremity of December, up 1.3 per cent from a twelvemonth ago.

By substance type, gasoline and diesel models came to 12.4 cardinal units and 9.1 cardinal units, respectively, followed by liquefied petroleum state and hybrid models, with 1.85 cardinal and 2.02 cardinal units, respectively.

The fig of electrical vehicles and hydrogen models came to 684,000 units and 38,000 units, respectively.

The full fig of eco-friendly vehicles, including electric, hydrogen and hybrid models, totalled 2.75 cardinal units, up 626,000 units from a twelvemonth ago.

The maturation of hybrid models, successful particular, helped propulsion the stock of eco-friendly vehicles to 10.4 percent of each registered vehicles, up 2.2 percent points on-year to surpass the 10 per cent threshold for the archetypal time.

In contrast, the full fig of interior combustion motor cars declined 1.2 percent to 23.37 cardinal units, marking the 2nd consecutive yearly decline.