South Korean Enterprises Organized a Group to Invest US $39.4 Billion in New Energy Vehicles and Bat

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LG new energy and ski will invest about 14 billion US dollars (about 90 billion yuan) to establish a joint venture locally or invest separately; Hyundai Motor plans to invest US $7.4 billion (about 47.6 billion yuan) in new energy vehicle production and charging infrastructure.

According to foreign media reports, the Korean President Wen moon Jae in the announcement of the total investment of 39 billion 400 million U.S. dollars of South Korean enterprises to invest in the United States, involving Samsung, SK, LG, and modern, including 21 billion 400 million US dollars (137 billion 700 million yuan) for new energy vehicles and battery industry.

Among them, LG new energy and ski will invest about 14 billion US dollars (about 90 billion yuan) to establish a joint venture locally or invest separately; Hyundai Motor plans to invest US $7.4 billion (about 47.6 billion yuan) in new energy vehicle production and charging infrastructure.

LG new energy and General Motors will establish an electric vehicle battery plant in Tennessee, and invest a total of 2.7 trillion won in the plant through the joint venture ultium cells. It plans to have an annual production capacity of at least 35 GWH in the first half of 2024. In addition, LG new energy is considering building two more factories and investing at least 5 trillion won by 2025.

Ski plans to invest 3 trillion won to establish a joint venture with Ford to produce EV Batteries, with an annual capacity of 60gwh. Ski will also invest another 3 trillion won in two factories currently under construction in Georgia. In addition, it is considering investing another 3 trillion won to build two other factories.

Hyundai Motor recently announced that it will invest US $7.4 billion in the United States before 2025 to produce future electric vehicles, upgrade factories, and further invest in intelligent mobile solutions. Hyundai Group is expected to expand its plant in Alabama to produce IONIQ 5, IONIQ 6, genesis JW, etc.

On May 18, when visiting Ford Motor, US President Biden said that electric vehicles are "the future of the automotive industry", and China has taken the lead in this competition. Biden believes that the current situation must be changed so that the United States can surpass China in the competition for electric vehicles.

To achieve this goal, Biden proposed an "electric vehicle plan" worth about 174 billion US dollars (about 1.1 trillion yuan).

The ROK's several investment plans can help Biden's infrastructure plan to promote the development and production of the U.S. electric vehicle industry.

However, although Japanese and Korean battery giants, including LG new energy, ski and Panasonic, have built factories in the United States to produce power batteries, and even jointly built battery factories with American main engine plants such as Tesla, GM and Ford, there are no local power battery enterprises in the United States and do not have the ability to produce and supply on a large scale, This means that the power battery supply in the United States will still rely on external manufacturing for a long time in the future.

In addition to lithium batteries, the localized mass production and supply capacity of the United States in the industrial chain including cathode, cathode, diaphragm, electrolyte and other core lithium battery materials and lithium battery production equipment is also relatively lacking, which is difficult to support the ambition of the American electric vehicle industry.

Editing: JQ

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