South Korea's leading battery firms invested over $1.7 billion in R&D in 2024, anticipating future EV demand.

South Korea's top battery makers, LG Energy Solution, Samsung SDI, and SK On, made record investments in research and development in 2024, totaling over 2.5 trillion won ($1.7 billion), despite a slowdown in electric vehicle sales. This preemptive move aims to quickly respond to future demand as the market recovers from the "EV chasm." The total number of registered vehicles in South Korea surpassed 26 million, with eco-friendly cars accounting for over 10%, driven by hybrid vehicle sales.

2 months ago
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