All three huge names in South Korea – Samsung, LG and SK, are seemingly locked in an auto battery fight. Just why do we say that? First of all, here is a little bit of background information – connected vehicles do seem to have made the jump in being central to the contemporary driving experience, where we hear of new technologies and innovations more and more frequently, and these tend to emerge from both automotive and consumer electronics companies. Samsung, LG and SK Group are looking to explore new markets and opportunities where they can accelerate the growth of car-related technology businesses.
An analyst at LIG Investment & Securities shared, “As Samsung’s growth slows, it needs to find new cash cows other than smartphones, TVs, displays and chips. In line with that perception, Samsung’s top management believes vehicle-related solutions are new business fields from which it could profit in an organized way.”
In fact, Samsung and BMW have already agreed for the former to supply rechargeable batteries to the latter’s current and future BMW electric vehicles, and you can be sure that domestic rivals SK and LG are not going to sit back and do nothing. LG has batteries that will see action in electric vehicles manufactured by the likes of General Motors and Ford, while SK has outined plans to finish working on a battery pack manufacturing line that has an annual capacity of 10,000.