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The South Korean government released a package plan to allocate 38 trillion won (approximately RM135.6 billion) to support local electric vehicle battery manufacturers in the next five years to diversify the supply chain.
The move aims to improve the competitiveness of South Korea’s battery industry and reduce its dependence on China. Although the three major battery manufacturers LG New Energy, Samsung SDI and SK On account for nearly half of the global electric vehicle battery market, the government emphasizes the urgency of diversifying the supply chain and internalizing raw materials.
The plan includes financial support to support investment in North American manufacturing facilities and the raising of a 1.5 trillion won fund to help companies acquire minerals and expand overseas production.
(Source: enanyang Image source: freepik)
