- Posco Chemical won a 40 trillion won ($32.60 billion) order from Samsung SDI Co Ltd SSDIY to supply cathode materials for electric vehicle batteries between 2023 and 2032, Reuters reports.
- Last December, LG Energy Solution Ltd shared plans to invest 4 trillion won ($3.1 billion) from this year through 2026 for a battery facility in South Korea.
- The battery facility will produce batteries for electric vehicles and other goods.
- The production facility, located in Ochang, South Korea, will also have a Research and Development center and will likely provide 1,800 jobs.
- Chinese and South Korean companies dominate EV battery manufacturing.
- In 2022, Tesla Inc’s TSLA battery supplier Contemporary Amperex Technology Co. Limited, or CATL, had the highest share in the EV battery market.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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