South Korea plans to surpass China’s EV battery industry
1. December 2022The relevant Ministry of Trade, Industry and Energy on Nov. 1 released a plan to increase South Korea’s share of the global rechargeable battery market to at least 40 percent by 2030. As of June this year, South Korea’s market share was 25.8 percent, with China and Japan securing 56.4 and 9.6 percent, respectively. According to the plan, the government wants to establish a public-private partnership for the procurement of key battery raw materials such as minerals. To this end, the Korea Trade Insurance Corporation and the Export-Import Bank of Korea are providing the equivalent of $2.28 billion in financial support over the coming years. Battery production may involve, among other things, components and equipment that require KC certification to be used in the Korean market.
In addition, the government and the private sector are investing the equivalent of 760 million and 14.8 billion U.S. dollars, respectively, in battery research and development. Among other things, the investment aims to commercialize a battery made of NCM cells that will allow a range of 800 kilometers, as well as a solid-state battery, both by 2026. The private sector’s spending over the next eight years is estimated to be as much as US$23.1 billion.
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