Despite a downturn in the worldwide market for electric cars, the combined research and development (R&D) spending of South Korean battery companies this year has increased by almost 12% year over year, according to industry figures released on Sunday.
The latest quarterly filings from Samsung SDI Co., SK On Co., and LG Energy Solution Ltd. show that their total R&D spending from January to September was 1.78 trillion won (US$1.38 billion), up 12.5% from 1.58 trillion won during the same time last year.
According to Yonhap news agency, Samsung SDI was the largest R&D investor among the three businesses, with total spending rising 6.7% to 836.4 billion won in the first nine months of 2023.
This year, LG Energy Solution invested 730 billion won in R&D, a 15.2 percent increase over the same time the previous year. Spending at SK On increased by 29.6% year over year to 220.7 billion won.
The development of long-lasting, high-capacity, and safe batteries is a top priority for local battery firms. They are also working to improve the development of cost-effective lithium iron phosphate and cobalt-free batteries.