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Korean EV Battery Prices May Jump 40% in Coming Years, SNE Says

  • Battery makers in contract talks with auto industry: SNE’s Oh
  • Aiming to offset rising costs of materials used in batteries

South Korean battery makers could raise prices by 30% to 40% to offset high commodity costs and they are in talks with electric-vehicle makers over new long-term contracts, according to SNE Research.

“We had a meeting with Korean cell makers recently that led us to adjust the outlook for prices of electric-car batteries,” SNE’s executive vice president James Oh said at a seminar Wednesday. “They say battery prices are highly likely to rise by 2024 or 2025.”