Korea Power Battery Industry Hopes to Seek Raw Materials from China

          Current tensions between Japan and South Korea have alerted Korean battery companies. Shin Hak-cheo, CEO of LG Chemistry, said recently that LG Chemistry has not yet been affected by Japan's export controls, but it does not rule out the possibility of Japan expanding its list of export control items. He also said that LG Chemistry was preparing for all possible scenarios.

Electricization has become an important direction of the automotive industry reform. Many countries around the world are vigorously developing new energy automotive industry, and the international mainstream automotive enterprises are also laying out the development strategy of electric vehicles. According to the International Energy Agency (IEA), the global electric vehicle market is expected to be about $570 billion by 2025. In order to remain competitive in the electric vehicle power battery market, the global power battery giant is accelerating its expansion.

In view of the current tense situation with Japan and in order to ensure the stability of future channels, a battery company in South Korea has revealed that it is considering seeking stable raw material supply from countries outside Japan to meet its rapidly expanding capacity demand and offset the instability of raw material supply in Japan in the future. For Chinese enterprises with complete industrial chain and cost, technology and scale advantages, they will undoubtedly be more competitive.