Two Korean battery makers face further losses after cars using their lithium technology had their certification cancelled in China.
It comes after Samsung SDI and LG Chem both failed to meet the government’s standards for electric car batteries last year.
Korean battery firm LG Chem has struck a blow against Tesla as the fight for customers in the increasingly crowded US residential energy storage system market grows.
Leading US residential solar company Sunrun has opted for LG’s award winning lithium-ion RESU system for its new energy storage system.
Korea’s battery maker LG Chem will build an Electric Vehicle (EV) battery plant in Wrocław, Poland.
The 41,300m2 EV battery plant aims to start production in the second half of 2017. LG Chem is investing around 400 billion KRW ($355million) in the plant by the end of 2018.
Battery maker LG Chem is to supply lithium-ion cells to electric vehicle firm Faraday Future after the two companies formed a partnership.
Both companies have worked on a bespoke higher density EV battery technology for Faraday Future’s Varible Platform Architecture, the company’s universal and scalable modular battery structure.
Korean battery giant LG Chem is to make a giant leap into a new application for its lithium-ion technology following a deal with NASA.
The company’s batteries will be used in spacesuits following successful internal short-circuit (ISC) stability tests by Nasa.
Korean battery giants Samsung SDI and LG Chem saw shares slump by 10% and 7.1% respectively on news that Beijing will remove subsidies for nickel manganese cobalt (NMC) batteries for electric buses.
“There has not been enough safety verification or product development for new energy electric passenger vehicles,” said China’s Ministry of Equipment Industry Secretary Zhang Xiangmu, who added China had begun research into the chemistry late and could ‘not be sure’ about NMC batteries.
The decision has surprised some.