South Korea Plans $15B Investment In Modern Battery Technologies: Report

The government of South Korea, along with its major battery producers, is reportedly planning a 20 trillion won ($15.1 billion) investment through 2030.
The investment is aimed at developing modern battery technologies, including solid-state batteries, reported Reuters.
South Korea is home to three of the world’s five biggest electric vehicle (EV) battery producers.
The firms will build pilot production plants which will be used to produce and test solid state batteries, cylindrical 4680 cell batteries and cobalt-free batteries.
The report mentioned that Samsung SDI Co Ltd, SK On and LG Energy Solution Ltd together account for more than 25% of the global EV battery market.
They are also suppliers to giants, including Tesla Inc TSLA, General Motors Co GM, Ford Motor Co F, and Volkswagen AG VWAGY.
Nearly 80% of EVs that are eligible for U.S. federal tax credits deploy batteries from the three South Korean companies.
Also Read: Rivian And Volkswagen ID.4 Owners: Your EVs Are Now Eligible For Federal Tax Credits