A $35 Billion Plan for Korean Battery Giants to Catch China
- LG Energy, SK Innovation and Samsung SDI to lead investment
- Government sees the industry as vital to South Korean economy
LG Energy Solution Co. battery cells and modules for electric vehicles.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
South Korea plans to invest 40.6 trillion won ($35 billion) in its electric-vehicle battery industry by the end of the decade to secure its spot as a major global force in the sector and compete with a dominant China and Japan.
LG Energy Solution Co., SK Innovation Co. and Samsung SDI Co. will be key players, driving investment in research and development and battery production, the government said in a statement Thursday.