LG Electronics has reached a milestone in its charging business. Its majority-owned company, HiEV Charger, started producing EV chargers on May 24. Besides serving the domestic market, LG said it has already planned product launches and collaborations outside South Korea.
South Korean Trade, Industry and Energy Ministry announced on May 23 that the government and local automakers will invest KRW14.3 trillion (US$10.9 billion) in the automotive component industry, helping EV production grow fivefold by 2030.
As the US keeps urging manufacturers to invest through a series of initiatives, including the Inflation Reduction Act (IRA), South Korea-based EV and parts suppliers are accelerating their moves to invest in the US.
Ford Motors announced several agreements with lithium companies on May 22, a step forward to support its EV ambitions. The carmaker also aims to achieve a margin of 8% of earnings before interest and taxes (EBIT) for its EV business segment by late 2026.
EV company BYD is looking to expand production capacity in Europe. According to media reports, it is considering several countries in which to build a plant, including France. On the other hand, Shanghai-based SAIC Motor said its first mass-produced EV with solid-state batteries will be ready in 2025.