South Korean battery firms will invest $35.24 billion locally by 2030, Ministry of Trade, Industry and Energy of South Korea announced on Tuesday according to media reports.
South Korea aims to be one of the leading global players, targeting over a 40% share of the world’s battery market.
By 2025, the investment is anticipated to increase domestic battery production capacity to 1.5 times its current level.
The plan was announced during a meeting between Industry Minister Lee Chang-yang and senior officials of major related firms, including Hyundai Motor Co., Samsung SDI Co., SK On Co., LG Energy Solution Ltd. and POSCO Chemical Co.
Lee said at the meeting that “global uncertainty is growing due to supply chain instability, but the current crisis can become an new opportunity for growth.”
By Fuat Kabakci
Anadolu Agency
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