Commanding over 40% of the global EV battery market, Korea's industry giants are powering the world's electric future with staggering production growth, cutting-edge innovation, and multi-billion dollar global investments.
Key Takeaways
- In 2023, LG Energy Solution produced 112.6 GWh of EV batteries, accounting for 27.5% of global production
- South Korea's total EV battery production capacity reached 846 GWh by end of 2023, up 45% from 2022
- Samsung SDI's EV battery output was 28.2 GWh in 2023, focusing on NCM and LFP cells
- Korean batteries held 29.5% global EV battery market share in 2023
- LG Energy Solution captured 14.2% of global EV battery market in 2023
- Samsung SDI's global market share for EV batteries was 4.1% in 2023
- LGES revenue from EV batteries KRW 25.7 trillion in 2023
- Samsung SDI's EV battery sales revenue KRW 8.2 trillion in 2023, up 22% YoY
- SK On posted KRW 12.1 trillion revenue from batteries in 2023
- LG Energy Solution developed NCMA cathodes with 90% nickel content in 2023
- Samsung SDI commercialized all-solid-state battery prototype 350 Wh/kg in 2023
- SK On introduced dry electrode process reducing costs 20% in 2023 pilots
- Government invested KRW 15 trillion in battery industry 2019-2023
- Korea's Battery 2030 roadmap targets 20% global share maintenance
- USD 10 billion green bonds issued by Korean battery firms 2023
Korean battery production soared in 2023, cementing its major global market share.
Company Financials
- LGES revenue from EV batteries KRW 25.7 trillion in 2023
- Samsung SDI's EV battery sales revenue KRW 8.2 trillion in 2023, up 22% YoY
- SK On posted KRW 12.1 trillion revenue from batteries in 2023
- LGES operating profit KRW 2.43 trillion in 2023, margin 9.4%
- Samsung SDI capex on EV batteries KRW 4.5 trillion in 2023
- SK Innovation battery division EBITDA KRW 1.8 trillion 2023
- LGES market cap reached USD 50 billion in mid-2023 peak
- Samsung SDI R&D spend KRW 1.2 trillion, 7% of revenue 2023
- SK On debt-to-equity ratio improved to 1.2 in 2023
- LGES exported batteries worth USD 15 billion in 2023
- Samsung SDI battery profit margin 12.5% in Q4 2023
- SK On capex USD 5.2 billion for battery expansion 2023
- LGES cash reserves KRW 10 trillion end-2023
- Samsung SDI employee count in battery division 15,000 in 2023
- SK Innovation battery assets valued KRW 40 trillion 2023
- LGES dividend payout ratio 20% on 2023 profits
- Samsung SDI battery segment 65% of total revenue 2023
- SK On production cost per kWh USD 85 in 2023, down 15%
- LGES backlog orders USD 100 billion end-2023
- Samsung SDI secured KRW 10 trillion contracts in 2023
- SK On R&D investment KRW 800 billion 2023
- LGES gross margin 18.2% for EV batteries 2023
- Samsung SDI total assets KRW 30 trillion 2023
- SK Innovation battery revenue growth 45% YoY 2023
- LGES supplied 200 GWh to Tesla in 2023
- Samsung SDI patent filings 1,200 in batteries 2023
- SK On workforce expanded 20% to 8,000 in 2023
Company Financials Interpretation
While LGES rules the revenue throne and SK On flexes aggressive growth, Samsung SDI quietly banks the highest profits, proving in the Korean battery race that it's not the size of the top line, but the efficiency of the bottom line, that truly powers the future.
Market Share
- Korean batteries held 29.5% global EV battery market share in 2023
- LG Energy Solution captured 14.2% of global EV battery market in 2023
- Samsung SDI's global market share for EV batteries was 4.1% in 2023
- SK On held 3.8% global EV battery market share in 2023 shipments
- Korea's share in PHEV battery market was 35% in 2023
- LGES led US EV battery market with 68% share in 2023
- Korean batteries supplied 45% of Tesla's global battery needs in 2023
- Samsung SDI's market share in Europe EV batteries 12% in 2023
- SK On's share in North America EV market 15% by capacity 2023
- Korea's global cylindrical cell market share 25% in 2023
- LGES held 30% share in high-nickel battery segment 2023
- Korean firms 52% of BMW i-series battery supply in 2023
- Samsung SDI 8% global share in prismatic cells 2023
- SK On captured 20% of Hyundai-Kia EV battery market in 2023
- Korea's LFP market share outside China 40% in 2023
- LGES 22% share in global energy storage battery market 2023
- Korean batteries 38% of Ford's Mustang Mach-E packs in 2023
- Samsung SDI's share in premium EV segment 18% 2023
- SK On 10% global share in 4680-type cells development 2023
- Korea overall 28% BEV battery market share 2023
- LGES supplied 60% of GM Ultium batteries in 2023
- Korean share in Volkswagen MEB platform batteries 25% 2023
- Samsung SDI 15% Europe luxury EV market 2023
- SK On's market share grew 2.1% YoY to 5.9% in Q4 2023
- Korea 42% global EV battery use share in 2023
- LGES 16% share in China-imported EV batteries 2023
- Korean firms 55% of Audi e-tron battery supply 2023
- Samsung SDI held 6.5% in PHEV global market 2023
- SK On 12% North America ESS battery share 2023
- Korea's share in solid-state battery patents 35% 2023
Market Share Interpretation
The Korean EV battery triumvirate, LG, Samsung, and SK, have woven themselves so intricately into the global electric fabric that from Tesla to Ford and from the lab to the open road, powering up often means plugging into a piece of Korea.
Policy and Investments
- Government invested KRW 15 trillion in battery industry 2019-2023
- Korea's Battery 2030 roadmap targets 20% global share maintenance
- USD 10 billion green bonds issued by Korean battery firms 2023
- MOTIE subsidies KRW 2 trillion for overseas battery plants 2023
- Korea-US battery supply chain deal worth USD 50 billion 2023
- LGES JV with GM USD 2.3 billion for US plants 2023 phase
- Samsung SDI Hungary plant investment EUR 1.3 billion 2023
- SK On Georgia US plant USD 5 billion investment 2023 start
- Korea Battery Industry Act passed allocating KRW 5 trillion R&D 2023
- Export credit from KEXIM USD 20 billion for battery exports 2023
- Tax credits for EV battery production KRW 1 trillion claimed 2023
- EU-Korea FTA boosted battery trade USD 10B 2023
- POSCO Chemical cathode material plant USD 1B in Korea 2023
- Government raw material security fund KRW 3 trillion 2023
- LGES-Polestar deal USD 4 billion battery supply 2023-28
- Samsung SDI BMW contract EUR 3 billion cells 2023
- SK On-Ford USD 11 billion supply agreement 2023
- Korea-China battery recycling pact 2023 for 100kt capacity
- K-Battery Valley project KRW 10 trillion investment 2023
- USD 2 billion venture capital into Korean startups 2023 batteries
- MOTIE grants KRW 500 billion for solid-state R&D 2023
- Samsung SDI Indonesia plant USD 1.1 billion 2023
- LGES Canada cathode plant CAD 1 billion investment 2023
- SK Innovation separator tech JV USD 500M 2023
- National battery strategy targets 1,400 GWh capacity 2030
- KRW 7 trillion public-private fund for materials 2023
Policy and Investments Interpretation
South Korea is not just playing the global battery game; with tens of billions in strategic bets from Seoul to Georgia, it's aggressively buying the entire board and stacking the deck for a supercharged future.
Production and Capacity
- In 2023, LG Energy Solution produced 112.6 GWh of EV batteries, accounting for 27.5% of global production
- South Korea's total EV battery production capacity reached 846 GWh by end of 2023, up 45% from 2022
- Samsung SDI's EV battery output was 28.2 GWh in 2023, focusing on NCM and LFP cells
- SK On achieved 45.1 GWh production in 2023, with expansions in Hungary and US plants contributing 20%
- Korea's prismatic battery production hit 320 GWh in 2023, 38% of global total
- LGES Huningan plant in Korea has annual capacity of 15 GWh for pouch cells
- Total Korean EV battery cell production in Q4 2023 was 115 GWh, YoY +52%
- Samsung SDI's Malaysia plant capacity ramped to 12 GWh/year by 2023
- SK On's Poocheon plant in Korea produces 10 GWh of NCM batteries annually
- Korea's battery pack assembly capacity was 512 GWh in 2023
- LGES expanded Korea capacity by 20 GWh in 2023 at Ochang plant
- Korean firms produced 78% of global high-nickel NCM batteries in 2023
- Total EV battery production in Korea for Jan 2024 was 28.4 GWh
- Samsung SDI's Korea plants output 18 GWh quarterly average in 2023
- SK On's total capacity reached 200 GWh globally by 2023, with 40% in Korea
- Korea's cylindrical battery production was 45 GWh in 2023, led by Samsung
- LGES Korea facilities produced 60% of its global output in 2023
- Korean EV battery production market share was 43.6% in 2023
- SK Battery Plant #2 in Seosan produces 9.8 GWh/year of pouch cells
- Korea's LFP battery production capacity grew to 50 GWh by end-2023
- Samsung SDI achieved 95% capacity utilization in Korea plants Q3 2023
- LGES plans 100 GWh additional capacity in Korea by 2025
- Total Korean module production was 210 GWh in 2023
- SK On's Korea R&D pilot line produces 2 GWh equivalent annually
- Korea exported 285 GWh battery cells in 2023
- LGES's total Korea capacity is 120 GWh as of 2024
- Samsung SDI's Ulsan plant capacity 20 GWh/year
- Korean firms' global production share for premium EV batteries 55% in 2023
- SK On ramped Korea production to 12 GWh/Q in late 2023
- Korea's EV battery production value reached KRW 50 trillion in 2023
Production and Capacity Interpretation
While Korea's battery giants were busy turning the globe into their personal charging station—with LGES alone powering over a quarter of it—the real shock was their home turf humming at 95% capacity, proving the peninsula isn't just the brain but also the beating heart of the EV revolution.
Technological Innovations
- LG Energy Solution developed NCMA cathodes with 90% nickel content in 2023
- Samsung SDI commercialized all-solid-state battery prototype 350 Wh/kg in 2023
- SK On introduced dry electrode process reducing costs 20% in 2023 pilots
- Korean firms achieved 1,000 cycle life for LFP batteries at 80% retention 2023
- LGES pouch cells reached 800 Wh/L energy density in 2023 tests
- Samsung SDI's 46-series cylindrical cells 25% higher range 2023
- SK On's E3 cell for HEV/EV hybrid with 40% power boost 2023
- Korea leads with 500 Wh/kg semi-solid-state batteries lab 2023
- LGES silicon anode integration for 20% capacity gain 2023
- Samsung SDI fast-charging cells 80% SOC in 9 min 2023
- SK On bipolar electrode tech cuts weight 15% 2023
- Korean NCM811 cells safety improved 30% via coating 2023
- LGES wireless battery management system deployed 2023
- Samsung SDI LFP-NCM hybrid cells for 500km range 2023
- SK On 4680 large-format cells production start 2023
- Korea's tabless cell design like Tesla but for pouch 2023
- LGES achieved 95% Coulombic efficiency in new cathodes 2023
- Samsung SDI sulfide solid electrolyte 50 mS/cm conductivity 2023
- SK On recycling tech recovers 95% lithium from spent cells 2023
- Korean firms' thermal runaway temp raised to 250C 2023
- LGES AI-optimized cell balancing algorithm 2023
- Samsung SDI prismatic cells with integrated cooling 2023
- SK On high-voltage 800V cells for fast EV 2023
- Korea patented 4,500 battery techs in 2023
- LGES LFP cells with 3,000 cycles life 2023
- Samsung SDI wireless charging integrated batteries 2023
- SK On's cell-to-pack ratio 70% volume efficiency 2023
Technological Innovations Interpretation
In 2023, Korean battery giants, in a relentless and coordinated blitzkrieg of chemistry and engineering, advanced on every front from the lab to the pilot line, systematically tackling the holy trinity of electric vehicle angst—cost, range, and charge time—while quietly plotting the next solid-state revolution.
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