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AI Customer ServiceSEOUL, April 20 (Reuters) - The South Korean government and its top battery companies plan to jointly invest 20 trillion won ($15.1 billion) through 2030 to develop advanced battery technologies, including solid-state batteries, the industry ministry said on Thursday.
Our Standards: The Thomson Reuters Trust Principles. The South Korean government and its top battery companies plan to jointly invest 20 trillion won ($15.1 billion) through 2030 to develop advanced battery technologies, including solid-state batteries, the industry ministry said on Thursday.
BY SHIN HA-NEE [[email protected]] Korea will pour 20 trillion won ($15.1 billion) into developing the world’s first solid-state battery for EVs by 2030, the Industry Ministry said on Thursday during an emergency economic meeting presided over by President Yoon Suk Yeol.
The three largest battery makers in Korea — LG Energy Solution, Samsung SDI and SK On — will establish production facilities in Korea with the most advanced technologies, according to the government.
South Korea is home to three of the world’s five biggest electric vehicle (EV) battery makers – LG Energy Solution Ltd (LGES), Samsung SDI Co Ltd and SK On. The trio collectively control more than a quarter of the global EV battery market and supply major automakers including Tesla Inc, Volkswagen AG, General Motors Co and Ford Motor Co.
South Korea is investing 20 trillion won ($15 billion) by 2030 in the world’s first solid-state batteries for electric vehicles. According to a statement from the presidential office acquired by Bloomberg and reported on Thursday, the country plans to be the first in the world to commercialize solid-state batteries.
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