Korea's Posco Chemical Bags $33B EV Deal From Samsung SDI

January 30, 2023 6:50 AM | 1 min read |

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.

Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.