S.Korean EV battery makers’ R&D investment up 12.5% this year

Seoul, Nov 19 : South Korean battery makers combined research and development (R&D) investment this year has climbed over 12 per cent on-year despite a slowdown in global demand for electrified vehicles, industry data showed on Sunday.

According to latest quarterly reports of LG Energy Solution Ltd.

, Samsung SDI Co.and SK On Co., their combined R&D investment during the January-September period amounted to 1.78 trillion won (US$1.38 billion), up 12.5 percent from 1.58 trillion won for the same period of last year.

Of the three companies, Samsung SDI was the biggest R&D investor, with cumulative expenses up 6.7 percent to 836.4 billion won during the first nine months of 2023, reports Yonhap news agency.

LG Energy Solution spent 730 billion won on R&D this year, marking a 15.2 percent increase compared to the same period last year.SK Ons spending jumped 29.6 percent on-year to 220.7 billion won.

Local battery companies are focusing on strengthening R&D efforts, with a particular emphasis on developing high-capacity, high-safety and long-lasting batteries, as well as enhancing the development of price-competitive lithium iron phosphate and cobalt-free batteries.

na/