"EU, Electric Vehicle Battery Demand Surges... Need for Expansion of Korean Companies' Entry"

KOTRA Hosts 'Han-Europe Battery Day'

[Image source=Yonhap News]

[Asia Economy Reporter Jin-ho Kim] KOTRA announced on the 25th that it will hold the '2022 Korea-Europe Battery Day' to support the entry of Korean companies into the rapidly growing European electric vehicle battery market.

This event, held for the second time this year, will be conducted as a webinar over two days on the 27th and 28th of this month, followed by one-on-one video consultations from the 2nd to the 13th of next month.

The European Union (EU), where electric vehicles have emerged as a promising market due to climate change and eco-friendly subsidy policies, has set a goal to produce 30% of the world's batteries by 2030 by investing 6 billion euros in battery projects such as the IPCEI (Important Projects of Common European Interest).

In particular, at this year’s webinar, Michael Kellner, Deputy Minister of the German Federal Ministry for Economic Affairs and Climate Action, will attend in person to introduce the 'Battery Cell Production Plans and Vision in Germany and Europe.' Additionally, Cho Hyun-ok, the Ambassador of the Republic of Korea to Germany, stated through this event, “Korean companies with technology and experience in the EU’s domestic battery cell production projects will be reliable partners,” and added, “Business cooperation between companies is expected across the entire value chain, including battery cell manufacturing, key mineral materials, and recycling.”

The webinar, attended by about 1,000 domestic and international company representatives including German leading OEMs (Original Equipment Manufacturers) such as Mercedes-Benz, BMW, and Audi, will cover four topics: ▲Threats and opportunities in the electric vehicle market ▲Establishment of Europe’s own battery cell supply chain ▲Current and future battery materials and technologies ▲Possibilities for international cooperation in battery production.

Especially, overcoming measures such as the development of new materials and activation of battery recycling after use will be presented regarding the biggest threats in the electric vehicle market, including material prices, battery fire risks, and carbon emissions.

During the one-on-one video consultations, 40 small and medium-sized enterprises in Korea’s battery materials, parts, and equipment sectors will conduct export consultations covering all areas related to battery manufacturing, including manufacturing equipment and materials for battery production, with major European electric vehicle and battery companies such as Company B, Company A, and Company T, which recently opened in Berlin.

Lee Gil-beom, Head of KOTRA’s Europe Regional Headquarters, said, “The rapidly increasing battery demand in the European market, which is transitioning from internal combustion engines to electric vehicles, presents an important opportunity for domestic companies to enter,” and added, “We will actively support more Korean companies to enter the market by leveraging this period of change.”

This content was produced with the assistance of AI translation services.