South Korean battery maker Samsung SDI claims to have developed lithium-ion technology that pushes the boundaries of what electric vehicles can do.
The prismatic cell will help EVs reach a 600km (372miles) driving range, or 500km (310miles) on a single 20 minute charge (taking the battery up to 80% capacity), according to the company.
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.
Battery maker Samsung SDI has begun construction of its lithium-ion plant in Hungary to supply the European electric vehicle market.
The South Korean firm new facility in Hungary will enable it to establish a triangular production structure along with existing plants in Ulsan, Korea and Xian, China.
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.
Samsung’s battery-making arm Samsung SDI is set to buy the cell material division of its chemical affiliate to bolster competitiveness in the sector.
Samsung SDI will take over the cell material unit of Samsung Fine Chemicals on September 16 in a deal worth US$15.9 million.
"LG Chem and Samsung SDI, both based in South Korea, have market-leading businesses for the electric vehicle and consumer electronics markets, which has created a foundation allowing for economies of scale through manufacturing," says Anissa Dehamna, principle research analyst with Navigant Research. "Both companies have positioned themselves as global manufacturers and can offer consistently low prices for quality Li-ion cells."