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Korea’s EV battery makers set to surge in 2021

SEOUL – With the advent of the electric vehicle (EV) era, the umbilical cord that ties automakers and battery makers together is becoming something of a tug-of-war.

Alarm bells have been ringing in battery makers’ C suites since last year when prominent carmakers including Tesla and BMW announced plans last year to produce in-house batteries for their EVs.

Still, no seismic change is anticipated in the near future, as experts predict that automakers will be forced to rely on battery makers, given the considerable time and massive investments it will take before automakers can succeed in battery mass-production.

That is particularly good news for Korea Inc, where batteries are a core component of the national industrial portfolio. Experts forecast that the three domestic battery makers’ growth is secure – at least, for now.