Volkswagen deal indicates smooth growth for Korean battery makers | 2018-03-19 | daily-sun.com

Volkswagen deal indicates smooth growth for Korean battery makers

    19 March, 2018 12:00 AM printer

SEOUL: German carmaker Volkswagen’s recent announcement that it will be supplied with electric vehicle batteries from Samsung SDI and LG Chem through to 2025 in Europe and China is boosting market expectations for growth in the battery industry.

Last week, Volkswagen announced in Berlin that it had selected Korean battery makers Samsung SDI and LG Chem as well as China’s Contemporary Amperex Technology Ltd. to supply batteries for its upcoming electric vehicles at its European and Chinese plants, with suppliers for North America forthcoming, reports The Korea Herald.

The German automaker plans to build as many as 3 million electric vehicles a year by 2025, with $25 billion in battery supplies already secured.

Market research firm SNE Research forecast that global sales of electric vehicles would spike from approximately 1 million units in 2017 to 3.9 million units by 2020.


Top