South Korean battery companies step up to enter the U.S. electric vehicle market

South Korea’s 'Kookmin Ilbo' reported on January 17 that according to market research firm Marklines and the Korea Trade and Investment Promotion Agency (KOTRA) on the 17th, the share of electric vehicles in the U.S. auto market will increase to 26% by 2030. The market share in 2020 is only 4.9%. It is reported that the new president-elect of the United States, Biden, has proposed a policy of “adding 500,000 electric vehicle charging stations across the United States in 2030 and converting all buses to carbon-free electric buses”. With the acceleration of the growth trend of the US market, South Korean battery companies have also accelerated the strategic process of seizing the US market. SK's first plant with a scale of 9.8 kilowatts under construction in Georgia will be put into trial operation in the first half of this year, and will be officially put into mass production next year. At the beginning of 2023, the 11.7 kilowatt second plant will also be mass-produced. LG has factories in Michigan and Ohio. Samsung SDI has a battery factory in Michigan. According to analysis, Biden has promised to provide 10% tax relief to manufacturers returning to the United States, and may only grant subsidies for electric vehicles produced in the United States. Therefore, the speed of Korean battery companies' entry into the US market and additional investment will be further accelerated.