- The government of South Korea, along with its major battery producers, is reportedly planning a 20 trillion won ($15.1 billion) investment through 2030.
- The investment is aimed at developing modern battery technologies, including solid-state batteries, reported Reuters.
- South Korea is home to three of the world’s five biggest electric vehicle (EV) battery producers.
- The firms will build pilot production plants which will be used to produce and test solid state batteries, cylindrical 4680 cell batteries and cobalt-free batteries.
- The report mentioned that Samsung SDI Co Ltd, SK On and LG Energy Solution Ltd together account for more than 25% of the global EV battery market.
- They are also suppliers to giants, including Tesla Inc (NASDAQ:TSLA), General Motors Co (NYSE:GM), Ford Motor Co (NYSE:F), and Volkswagen AG (OTC:VWAGY).
- Nearly 80% of EVs that are eligible for U.S. federal tax credits deploy batteries from the three South Korean companies.
- Also Read: Rivian And Volkswagen ID.4 Owners: Your EVs Are Now Eligible For Federal Tax Credits
Why Tyson Foods Shares Are Down Monday Morning
Tyson Foods Inc (NYSE: TSN) shares are down Monday morning as its second-quarter results missed Street expectations. The company also reduced its FY23 sales outlook.
