South Korean battery makers' combined research and development investment this year has climbed over 12 percent on-year despite a slowdown in global demand for electrified vehicles, industry data showed Sunday.
According to latest quarterly reports of LG Energy Solution Ltd., Samsung SDI Co. and SK On Co., their combined R&D investment during the January-September period amounted to 1.78 trillion won ($1.38 billion), up 12.5 percent from 1.58 trillion won for the same period of last year.
Of the three companies, Samsung SDI was the biggest R&D investor, with cumulative expenses up 6.7 percent to 836.4 billion won during the first nine months of 2023.
LG Energy Solution spent 730 billion won on R&D this year, marking a 15.2 percent increase compared to the same period last year. SK On's spending jumped 29.6 percent on-year to 220.7 billion won.
Local battery companies are focusing on strengthening R&D efforts, with a particular emphasis on developing high-capacity, high-safety and long-lasting batteries, as well as enhancing the development of price-competitive lithium iron phosphate and cobalt-free batteries. (Yonhap)