South Korea s top-3 battery makers SK On, LG Energy Solution (LGES), and Samsung SDI are all on track to build additional domestic production capacities, in order to reduce the country s reliance on Europe, the US, and China for power battery supply and help expand its EV market, according to reports from Korea news media.
General Motors is expecting a strong 2023. It raised its whole-year guidance on April 25 after finishing the first quarter with US$3.8 billion of adjusted EBIT. In addition, the automaker said it will build its fourth battery plant in the US with Samsung SDI, targeting operation in 2026.
The newly elected president of the U.S. United Auto Workers (UAW) is unnerving Korean battery manufacturers by urging their joint ventures with U.S. carmakers to raise wages and guarantee job safety, according to industry officials, Tuesday. Amid growing concerns over his request having a negative impact on their earnings, battery makers have maintained a cautious stance, considering the fact that the union has gained strong support from U.S. President Joe Biden.