Samsung SDI to push 'dream batteries' ahead of expected EV slowdown

Industry

Published: 02 Jan. 2024, 16:11

Samsung SDI to push 'dream batteries' ahead of expected EV slowdown

Samsung SDI CEO Choi Yoon-ho speaks at a New Year ceremony at its headquarters in Giheung, Gyeonggi, Tuesday. [SAMSUNG SDI]

Samsung SDI CEO Choi Yoon-ho has vowed to make big reforms ahead of an expected slowdown in demand for EVs globally this year.

The Korean battery maker will concentrate on the development of solid-state batteries to secure technical leadership in the global scene, Choi said.

“The EV battery business, which has been growing rapidly, is expected to slow down temporarily as we are crossing the chasm in terms of EV adoption and also due to continued global economic recession," Choi said during a New Year kick-off ceremony at Samsung SDI headquarters in Giheung, Gyeonggi, on Tuesday.

"To achieve this, we need changes and innovation in all business divisions," Choi said. “We will promote and accelerate commercialization and mass production of all-solid-state batteries, the game changer of the future battery market, through the newly formed ASB Commercialization Team.”

Solid-state batteries are touted as "dream batteries" for their high energy density and safety. They have yet to be commercialized by any battery company or auto manufacturer.

Samsung SDI is developing solid-state batteries that can run 800 kilometers (497 miles) per charge and have an extended life cycle that can be charged over 1,000 times. Their commercialization is planned for 2027.

It has completed the construction of its 6,500-square-meter (1.6-acre) pilot plant for solid-state batteries in Suwon, Gyeonggi, the first of its kind in the world.

“With the increase in EV adoption, there is more demand for price competitiveness from our customers, which is leading to greater importance on cost competitiveness," Choi said. “While reinforcing our strategic cooperation with our existing customers, we need to search for new customers."

Some 200 employees and executives attended the New Year event, streamed live via the in-company broadcast to all Samsung SDI sites across the country.

BY SARAH CHEA [chea.sarah@joongang.co.kr]