Chinese Battery Maker CATL Forms South Korean Subsidiary for Hyundai Motor
Contemporary Amperex Technology Co., Limited (CATL), a Chinese battery manufacturer, has set up a branch in South Korea to provide support in lithium iron phosphate (LFP) battery technology to its customer Hyundai Motor, South Korean media The Elec reported on Tuesday.
This newest regional branch in South Korea is the company’s fifth outside of China after Japan, Germany, the US and France.
The subsidiary will have one regional manager and two employees at the start, people familiar with the matter said, and will be located in Gangnam, Seoul.
There are many battery suppliers in Korea such as SK On, Samsung SDI, and LG Energy Solution, a spin off from LG Chem. LG Energy Solution is an important battery supplier for electric vehicle makers such as GM, Tesla, Hyundai and others.
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As one of the largest suppliers of electric vehicle batteries in the world, CATL earlier this year secured orders from Hyundai Motor for over half their future electric vehicle models. CATL is expected to provide the car giant with batteries in similar amounts to LG Energy Solution and SK On, which are also suppliers to Hyundai Motor.