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Industry
Korean battery makers seen delivering Q3 earnings surprise on higher ESS shipments, AMPC boost
Korean battery cell makers are expected to post third-quarter operating profit above market forecasts, helped by rising energy storage system shipments in North America that increase production subsidies under AMPC and by one-off income such as customer compensation. Industry expectations are for profits to rise from the previous quarter despite weak European EV battery shipments and a lower exchange rate. The pace of recovery may differ by company depending on when North American ESS lines start operating.
Industry
SK On signs 160 billion won LFP cathode material supply deal with L&F
SK On said it signed a supply contract with L&F for LFP cathode materials used in batteries made from lithium, phosphate and iron. The contract runs from Sept. 17 through Dec. 31, 2028, with a value of about 160 billion won. The materials will be used at SK On’s Seosan plant in South Korea and its Georgia plant in the United States for energy storage system LFP cell production lines.
Industry
U.S. midterm election nears as Korean battery makers face crossroads over AMPC tax credit defence line
With the Nov. 3 U.S. midterm election approaching, Korean battery makers face renewed political bargaining over tax credits. EV purchase subsidies have already been abolished, while the advanced manufacturing production credit, or AMPC, has been defended at a 25 percent credit through 2032. Companies with large North American bases are reshaping operations to withstand policy shifts, including moving from joint ventures to wholly owned plants and shifting production toward energy storage systems.
