South Korea's top three battery manufacturers were forced to raise prices: raw materials surged

According to media reports, South Korean battery manufacturers collectively share 40 percent of the global electric vehicle battery market, but the problems facing electric car production are becoming increasingly apparent as battery manufacturers compete to provide cheaper batteries.

South Korea's three major battery companies, including LG New Energy, SK on and Samsung SDI, have sharply raised the price of prices for battery materials for electric vehicles, according to battery sources.Among them, LG New Energy plans to increase the price of its cylindrical batteries by 10% in January, while the Samsung SDI has already increased its cylindrical batteries by 8% back in November.

Although China is not the major producer of battery materials such as cobalt, nickel and lithium, it is the major processor of these materials.A person with a South Korean battery company said: " If Chinese companies raise the price of raw materials, we can only follow the pace of Chinese companies, which will lead to a decline in our price competitiveness in the international market.”