Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: Invent Head on automotive takeaways from CES 2023
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • Capgemini: The circular economy is spurring new thinking on EV batteries
    • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Focus on Electrification
April 13, 2022 07:52 AM

Korean electric car battery prices may jump 40%

Korean electric car battery prices may jump 40% in the next 2 years to offset high commodity costs

Bloomberg
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Disposal and recycling information for a VW ID3’s lithium-ion battery pack during assembly in Zwickau, Germany
    Bloomberg

    A VW ID3 battery pack at the automaker's factory in Zwickau, Germany.

    South Korean battery makers could raise prices by 30 percent to 40 percent to offset high commodity costs and they are in talks with electric vehicle makers over new long-term contracts, according to SNE Research.

    “We had a meeting with Korean cell makers recently that led us to adjust the outlook for prices of electric-car batteries,” SNE Executive Vice President James Oh said at a seminar Wednesday. “They say battery prices are highly likely to rise by 2024 or 2025.”

    While the companies didn't disclose how much they might increase prices by, those using lithium, nickel, cobalt and manganese could lift prices of battery packs as much as 40 percent by 2025, Oh told Bloomberg News on the sidelines of the event.  

    Last year, the average lithium-ion battery pack for an EV was between $147 and $153 per kilowatt hour, according to SNE Research. Batteries account for about 30 percent to 40 percent of the price of an EV.

    Rising lithium prices are also affecting solid-state-batteries that use sulfide electrolytes, LG Energy Solution Vice President Jay Kim said at Wednesday's seminar in Seoul.

    “Sulfide-electrolyte-based solid-state batteries are extremely expensive compared to other types of solid-state batteries and need a lot of lithium,” Kim said. “Prices of sulfide electrolyte could double from last year's level.”

    With labs in South Korea and the U.S., LG is working on commercializing sulfide-electrolyte-based solid-state cells by 2030, Kim said.

    DAILY NEWSLETTER: Sign up and get the top news of the day in Europe every business weekday.

    Global automakers are pushing Korean battery partners to change to prismatic-shape cells from pouch-type ones being produced now, as they believe they are safer, Oh said.

    Volkswagen Group is among them, and its partner, SK On, is likely to announce a prismatic plan soon, he said. Samsung SDI is the only South Korean battery maker with the technology for manufacturing the cells.

    “You need to be a bit careful with handling pouch-type cells, which have a higher possibility of swelling than prismatic ones,” Samsung SDI Vice President Lee Tae Kyung said during a presentation on battery safety.

    RECOMMENDED FOR YOU
    Bosch earnings rose 16% in 2022; higher costs slow margin growth
    Recommended for You
    Bosch badge
    Bosch earnings rose 16% in 2022; higher costs slow margin growth
    Britishvolt jacket logo
    Insolvent Britishvolt receives two bids, report says
    391462266(1).gif
    CATL aims to raise $5B in Swiss listing to fund Europe expansion, report says
    Capgemini Invent Head on automotive takeaways from CES 2023
    Sponsored Content: Capgemini Invent Head on automotive takeaways from CES 2023
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
    • More
      • Publishing Partners
        • Capgemini: Invent Head on automotive takeaways from CES 2023
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • Capgemini: The circular economy is spurring new thinking on EV batteries
        • Capgemini: Toyota and Capgemini leaders on how OEMs can handle industry changes and succeed
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us