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

  • 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.
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