Korean auto industry has been performing extremely well even in the times of crisis when the world auto industry has been failing and seeing a major drop in sales globally. There is a huge change in the trend of the auto industry as more and more carmakers are now making the electric vehicles which are the trend these days and we think that the Korean carmakers have been pretty much rapidly developing these vehicles as they have launched many prototypes and concepts all over the world.
Korea’s LG Chem is a major in battery making an electric auto industry, but this company has been the foremost major battery provider to most of the nations who are developing such vehicles. The company recently signed a multi-billion dollar deal with German carmakers to provide batteries for their vehicles In the United States plant. SK innovation is new to the Ev markets and is a start-up but has been making some amazing progress in the industry. This company was expected to make a deal with Volkswagen, but this went to LG Chem, and now these companies are taking these matters to court.
The companies are accusing each other of misappropriating trade secrets, and this battle could hurt the companies as well as the auto industry of Korea, and we think that the nation might see some major slowdown in the battery and EV markets due to this dispute.
Tags : LG, EV ,