Samsung SDI has outpaced its Korean rivals by supplying batteries to the largest number of electric vehicles under the heightened US EV tax credit regulations that went into effect Jan. 1, according to industry sources on Sunday. Of the 19 EVs eligible for the new incentive rules this year under the Inflation Reduction Act, 15 car models will use Korea-made batteries, while China’s CATL and AESC Group, which ma.
Amid a supply glut at home, Chinese battery makers are extending its reach deeper into Europe, the world’s second-largest market for electric vehicles where their Korean rivals used to be clear dominant players. Up until two years ago, Korea’s LG Energy Solution, Samsung SDI and SK On owned a combined 70.6 percent of Europe’s burgeoning EV battery market, while Chinese firms had a tiny 6.7 percent, .
Ultium Cells, a joint venture between Korea’s LG Energy Solution and US-based General Motors, has recently agreed to raise workers' wages at its Ohio battery plant, leaving Samsung SDI and SK On on high alert for the possible need to increase wages at their joint plants with carmakers there, slated to begin operations in a few years. The company said on Aug. 24 local time that it has reached a tentative de.