LG Energy Solution’s exhibition booth at the International Automobile Exhibition (Internationale Automobil-Ausstellung) Transportation Exhibition in Germany / Courtesy of LG Energy Solution
Korea’s three major battery makers likely made all-time-high investments in research and development (R&D) activities last year despite a slowdown in electric vehicle sales, industry sources said Wednesday.
LG Energy Solution (LGES), Samsung SDI and SK On are estimated to have invested more than 2.5 trillion won ($1.7 billion) in R&D projects in 2024, up from 2.47 trillion won a year earlier, according to the sources.
LGES, the country’s leading battery firm, is projected to have invested more than 1.1 trillion won in next-generation battery development last year, up 6 percent from about 1.04 trillion won the previous year.
Samsung SDI’s R&D investment in 2024 is estimated to have exceeded its 2023 spending at around 1.14 trillion won.
SK On likely made a similar level of R&D investment last year as its 300.6 billion won in 2023.
The industry sources note their preemptive R&D investments may have been aimed at quickly responding to a recovery in battery demand following the EV “chasm,” which is occurring before the widespread adoption of EVs. (Yonhap)
