South Korea Offers $29 Billion in Aid to Battery Makers Amid Metals War

South Korea unveiled a 38 trillion won ($29 billion) financial package over the next five years aimed at helping local electric-vehicle battery makers diversify their supply chains as the US calls for a reduced reliance on China.

President Yoon Suk Yeol’s administration wants to boost competitiveness of the nation’s battery industry, from mining to recycling, according to an e-mailed statement from the finance ministry Wednesday. While South Korea’s three top battery makers — LG Energy Solution Ltd., Samsung SDI Co. and SK On Co. — control nearly half the global market for EV batteries outside of China, diversifying supply chains and “internalizing” raw materials is urgent, the ministry said.