South Korea's battery industry is suffering from deficits, government and industry form task force to address the issue

The South Korean Ministry of Trade, Industry and Energy, the Korea Battery Industry Association, and battery and battery material manufacturers recently organized a secondary battery emergency response task force (TF) and held a meeting.
The TF includes battery manufacturers such as LG Energy Solutions, Samsung SDI, and SK On, as well as battery suppliers such as EcoPro, LG Chem, and Lotte Energy Materials.
Battery-related companies have recently been suffering from poor profitability and operating losses. One of the reasons is the sluggish sales of electric vehicles (EVs).
The reduction in production by M (original equipment manufacturer) has hit related businesses hard. In addition, Chinese auto and battery manufacturers have rapidly expanded their market share, taking the market share away from Korean companies.
The future is uncertain, as there is a possibility that eco-car-related policies, such as the abolition of EV purchase subsidies, will change during the second term of the Trump administration.
In response to this situation, the Korean battery industry is calling for temporary subsidies for supply chains, materials, equipment and facilities companies.
They say there is a need for financial support for batteries, an expansion of the research and development (R&D) budget, and the introduction of tax exemptions and refunds for capital investment.