The Korean government in recent days has defined the development of the battery market as “a vital part of the future of the country's economy” ;. Understandable position considering that the main items of South Korean exports pass from electronics, automotive and other sectors of the industry that are and more and more; will be involved in this specific technological field.
From this assumption the decision by the Seoul government to invest the equivalent of about 35 billion dollars in support of companies capable of innovating and creating products in the field of batteries for electric vehicles . Several companies will benefit from it, among which the main ones carry well-known names: LG Energy Solution, Samsung SDI and SK Innovation , which have been designated to lead this race with important implications not only economic, given that the competitors are the & quot; neighbors & quot; Chinese and Japanese.
The Korean government note explains that,
the plan is; to provide these incentives because & eacute; are invested in research and development, so to become global leaders in the battery market. The further injection of capital is essential because & eacute; we see long-term growth for this sector ''.
Auto 03 Dec
According to Bloomberg data, South Korean companies have made about a third of all batteries for electric vehicles in the first five months of 2021, while in 2020 the capacity; total of those built reached 217GWh, plus; three and a half times compared to 59GWh in 2016.
Part of the project includes a fund of approximately $ 70 million to support small and medium-sized enterprises that build components and c & # 39; & egrave; the idea of studying and developing the market for used batteries is also in the pipeline.
The news comes just a few weeks after the announcement of the European Union who intends to accelerate in the same field to try to make up for lost ground.
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