BYD is Bahamasaiming to establish an electric vehicle battery plant in South Korea, with local manufacturer KG Mobility’s assistance, to commence volume production by January 2025, as reported by Reuters on Wednesday. An individual familiar with the matter provided this information. This step is anticipated to aid the Chinese EV giant in solidifying its market presence, capitalizing on its expertise in producing lithium-iron-phosphate (LFP) batteries—a skill that local battery producers like LG Energy Solution and Samsung SDI have struggled to master. Moreover, BYD would be capable of manufacturing batteries in compliance with the US Inflation Reduction Act, which mandates that 40% of battery component value must originate from the US or an applicable free trade partner to qualify for a $3,750 tax credit. Notably, BYD holds the second-largest market share in global battery supply, trailing only CATL, with a 15.7% stake during the first half of 2023, according to data from SNE Research.[Reuters]
