South Korea will provide 38 trillion won ($29 billion) in financing to strengthen its battery industry over the next five years, as global competition to secure battery supply chains remains fierce, the government said on Wednesday.
South Korean battery firms like LG Energy Solution, Samsung SDI and SK On, a unit of SK Innovation, held a 49% share of the global battery market excluding China as of 2022, a joint statement from a number of ministries said.
