Korea's car and EV battery markets grapple with 'Trump risk' ahead of U.S. election, impacted by potential policy changes and tariff threats.
Shares of Korean battery-making are trading weak Monday morning as U.S. President Joe Biden dropped out of the presidential race against Donald Trump, who remains skeptical of climate laws that offer massive tax credits to domestic firms.
SK On's CEO emphasized R&D for a competitive edge in the EV battery market at the SK Innovation Global Forum.
Further negligence of duty cannot be pardoned.
The government outlined its policy for the used battery market, which classifies them according to suitability for installation in EVs, other battery products or mineral extraction.
The company is down 57.6 percent on year, according to a preliminary earnings announcement Monday, falling considerably short of market expectations.
Samsung SDI is in talks with Florida energy company NextEra Energy to supply batteries for energy storage systems (ESS) in deals potentially worth 1 trillion won ($730 million), the largest ESS agreement for any Korean battery makers.
A passerby throws out a lithium-ion power bank at its dedicated recycling bin installed at the Daemyung 9-dong Administration & Welfare Center in Nam District in Daegu on Wednesday.
SK On will freeze the salary of its executives until the battery maker turns a profit.
Korea JoongAng Daily Sitemap