Posted: August 14, 2019
The Korea International Trade Association (KITA) has said that the South Korean battery manufacturers might face competition in Europe once European companies complete their investments and start mass producing their own EV batteries. It is also expected that by 2025 EV sales will reach 4m units in the continent. The European-made EV batteries currently has 4% market share but to mark their expansion, European automakers like Volkswagen, has planned to invest USD162m for the next 10 years to establish their own battery plants.
The European Union (EU) has entered into a free trade agreements with Central and South American countries that produce significant materials for EV batteries, which means that South Korea should also move forward to sign deals with countries that produce raw materials like lithium and cobalt in order to secure a stable supply network.