KOTRA supports K-battery firms’ entry into Chinese market

The Ministry of Land, Infrastructure and Transport announced on May 11 that the 8th Mobility Innovation Committee approved 16 agenda items, including demonstrations for an “EV battery subscription service” and “vehicle operation in Gwangju’s autonomous driving demonstration city.” South Korean consumers will be able to purchase only the vehicle body of an electric vehicle and lease the expensive battery separately. In addition, 200 autonomous vehicles to be deployed in Gwangju’s autonomous driving demonstration city will be eligible to apply for temporary operation permits without undergoing the self-certification process.

WCP announced on May 11 that it posted consolidated revenue of KRW 42.8 billion, an operating loss of KRW 20.5 billion and a net loss of KRW 48.4 billion for the first quarter of this year. Revenue increased 26.5% year on year, while the operating loss narrowed by 32.6%. However, the net loss widened by 45.4%. Compared with the previous quarter, revenue rose 57.9%, while the operating loss narrowed by 49% and the net loss decreased by 11.4%.

According to battery industry sources on May 10, LG Chem has recently been producing its “Gen1” lithium manganese-rich (LMR) cathode material for electric vehicles at a mass-production-level stage on a pilot line at its Cheongju plant in North Chungcheong Province. Based on quality and data secured beyond the pilot scale, the company is working to finalize the specifications for the actual mass-production product.