EU Decides to Ban ICEV Sales in 2035
The European Union decided to ban the sale of internal combustion engine vehicles in 2035. South Korean EV battery manufacturers, which are leading the industry, are expected to have more opportunities in Europe.
At present, the manufacturers are expanding their production facilities in Europe as well as North America. LG Energy Solution is expanding its plant in Wrocław, Poland and SK On is building its third plant in Europe in Iváncsa, Hungary. Samsung SDI has two plants in Hungary. Last year, the company invested approximately one trillion won in the first for the purpose of capacity expansion. This year, it is expanding the second.
The three companies point out that more preparations are needed regarding the European Union’s EV battery-related regulations. In the region, EV battery history tracking is scheduled to be put into force in 2026 so that all information is open as to production, use, disposal, reuse and recycling.
This means the companies must disclose all information on carbon emissions. “Chinese EV battery makers are likely to concentrate more on Europe due to the U.S. Inflation Reduction Act and this means more intense competition,” one of them said.