Development investment of South Korean EV battery manufacturers increased by 12.5 percent this year

seoul (Uttam Hindu News): South Korean battery makers’ combined research and development investment crossed 12 percent this year despite a slowdown in global demand for electric vehicles, industry data released on Sunday showed.

According to the latest quarterly report of LG Energy Solution Ltd., Samsung SDI Co. and SK On Co., their combined R&D investment during the January-September period was 1.78 trillion won, up 12.5 percent from 1.58 trillion won in the same period last year.

Of the three companies, Samsung SDI was the largest R&D investor. Cumulative spending during the first nine months of 2023 rose 6.7 percent to 836.4 billion won.

LG Energy Solution spent 730 billion won on R&D this year, an increase of 15.2 percent compared with the same period last year. SK On’s expenses rose 29.6 percent year-on-year to 220.7 billion won.

Local battery companies are focusing on strengthening R&D efforts, including developing high-capacity, high-safety and long-lasting batteries, as well as the development of price-competitive lithium iron phosphate and cobalt-free batteries. Special emphasis is being laid on increasing.