China s BYD Co Ltd
and South Korea s KG Mobility Co Ltd are in talks to
jointly build an electric vehicle battery plant in South
Korea, a source told Reuters on Wednesday. The Chinese.
Chinese battery materials firms are ramping up investment in South Korea to try to circumvent U.S tax credit rules aimed at lowering reliance on China.
"It is indeed a significant event, a major cell maker like BYD having production capacity in South Korea, where local cell makers have not yet mastered technology to offer low-cost batteries BYD could offer to automakers," said Kang Dong-jin, an analyst at Hyundai Motor Securities.
Battery-materials company Ningbo Ronbay New Energy Technology is looking at listing part of its business in South Korea, as the Shanghai-listed company looks to avoid tariffs and get access to.