South Korea to Invest $15 Billion in New EV Battery Technology
- Nation seeks to lead development of solid-state batteries
- Technology is seen as promising to make batteries lighter
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South Korea will invest 20 trillion won ($15 billion) by 2030 to deliver the world’s first solid-state batteries in a bid to stay ahead of competitors in the electric-vehicle race.
The investment will be jointly made by public and private sectors, with a plan to become the first country in the world to commercialize solid-state batteries, according to a statement from the presidential office. The plan was announced during a meeting hosted by President Yoon Suk Yeol Thursday.