According to Yonhap News Agency, on November 19th, industry data showed that despite a slowdown in global demand for electric vehicles, South Korean battery manufacturers' comprehensive research and development investment has increased by more than 12% year-on-year this year.

　　According to the latest quarterly reports of LG Energy Solution, Samsung SDI, and SK On, the total R&D investment of the three companies from January to September this year was 1.78 trillion won (approximately 1.38 billion US dollars), an increase of 12.5% from 1.58 trillion won in the same period last year.

　　Among them, Samsung SDI is the battery company with the highest R&D investment among the three companies, with a cumulative R&D expenditure of 836.4 billion Korean won in the first three quarters of this year, a year-on-year increase of 6.7%. The research and development expenses of LG New Energy during the same period were 730 billion Korean won, an increase of 15.2% compared to the same period last year. SK On's research and development expenditure was 220.7 billion Korean won, a year-on-year increase of 29.6%.

　　In 2022, the total R&D investment of the three companies exceeded 2 trillion won for the first time, reaching 2.1871 trillion won, a year-on-year increase of 35.7%. Among them, Samsung SDI's annual R&D investment also exceeded 1 trillion won for the first time, reaching 1.0764 trillion won.

　　Image source: LG New Energy

　　Yonhap News Agency pointed out that domestic battery companies in South Korea are committed to strengthening their research and development work, particularly focusing on developing high capacity, high safety, and long durability batteries, as well as accelerating the development of price competitive lithium iron phosphate and cobalt free batteries.

　　However, Korean battery manufacturers also face certain challenges on the demand side. Just last week, Nikkei reported that due to the slowdown in the electrification transformation in the United States, South Korean battery manufacturers are starting to lay off workers and reduce production in the United States. Among them, LG New Energy will lay off approximately 170 employees between December this year and January next year, accounting for 14% of its 1200 employees in Holland, Michigan; SK On has reduced production at its Georgia factory and provided employees with unpaid leave to optimize production line operations and flexibly manage employees.

　　This article is reprinted from Gaishi Automotive Information Network