Shulou(Shulou.com)11/24 Report--

On October 31, according to foreign media reports, EU legislatures and EU member states agreed last week to ban the sale of fuel vehicles from 2035, which means that at that time, they will be sold in the market of EU member states. Zero-emission vehicles, including pure electric vehicles.

The EU ban on the sale of fuel cars means a big increase in demand for electric vehicles and a boost in demand for batteries, a key component, from which manufacturers will benefit.

South Korean media reported that South Korean battery manufacturers, which have a considerable share of the global electric vehicle battery market, will get more opportunities from the EU ban on the sale of fuel vehicles.

At present, there are three main battery manufacturers in South Korea, namely, LG New Energy, SK On and Samsung SDI. Among them, LG New Energy is the world's second largest electric vehicle battery manufacturer after the Ningde era. SK On and Samsung SDI ranked 5th and 6th respectively in the first eight months of this year, accounting for 25 per cent of the global electric vehicle battery installation.

South Korean media also mentioned in the report that three battery manufacturers are also expanding their European factories, LG New Energy is expanding their European factories, SK On is building their third European factory in Hungary, and Samsung SDI already has two factories in Hungary, and they invested about 1 trillion won last year to expand capacity.

Although South Korean media expect manufacturers such as LG New Energy to have more opportunities in Europe, they also mentioned that domestic battery manufacturers may increase their investment in the European market, and competition in the European market may be more fierce.

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