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

IANS | November 19, 2023 01:31 PM

SEOUL: 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 On's 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.

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