CTOnews.com, November 26 (Xinhua) thanks to the growth in sales of new energy vehicles, South Korean battery companies have begun to strengthen their research and development, focusing on the development of high-capacity, high-safety and long-life batteries.
According to the latest quarterly reports from LG New Energy, Samsung SDI and SK On, their R & D spending from January to September totaled 1.78 trillion won (CTOnews.com Note: currently about 9.754 billion yuan), up 12.5 percent from 1.58 trillion won last year.
In addition, the cumulative investment of the three major battery manufacturers in South Korea and overseas markets reached 16.75 trillion won (currently about 91.79 billion yuan) in 2023, more than double the 8.16 trillion won in the same period last year, and this is the first time they have broken the 16 trillion won mark.
Among them, LG New Energy ranked first, with an investment of 7.65 trillion won; SK On had the largest increase, with investment reaching 6.6 trillion won; and Samsung SDI ranked third, with an increase of 45.4 percent, mostly for the installation of domestic and international facilities and the increase in production lines in South Korea.
Of the three companies, Samsung SDI is the largest R & D investor, with cumulative spending rising 6.7% in the first nine months of 2023 to 836.4 billion won (currently about 4.583 billion yuan).
LG New Energy's R & D spending this year is 730 billion won (currently about 4 billion yuan), an increase of 15.2% compared with the same period last year. SK On's expenditure rose 29.6% year-on-year to 220.7 billion won (currently about 1.209 billion yuan).
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