EcoPro has completed the construction of a cathode material plant in Debrecen, Hungary, in a bid to actively target the European market amid the continent's tightening rules on core materials in the electric vehicle supply chain.
EcoPro BM, a Korean battery materials producer, will establish a sales subsidiary in Europe to swiftly respond to the region’s growing demand for EVs and to navigate shifting global trade dynamics.
EcoPro plans to form a joint venture with China's GEM in Indonesia to enhance its EV battery material production, aiming for cost competitiveness amid possible prolonged market downturns.
Hyundai and Kia have partnered with Hyundai Steel and EcoPro BM to develop lithium iron phosphate batteries without precursors, a massive cost-reduction method.
The Korean battery materials company posted 54.6 billion won in operating losses during the April-June period amid slowing EV demand.
Samsung SDI will source 154,000 tons of lithium hydroxide, a critical ingredient in battery production, from EcoPro Innovation through 2033.
EcoPro acquired a 9 percent stake in an Indonesian nickel processing plant for $11 million.
EcoPro, the parent company of battery materials producer EcoPro BM, will invest 1.18 trillion won ($885 million) in Korea this year to expand factories for electric vehicle (EV) battery materials.
EcoPro plans to split its stock on a five-for-one basis after reporting an 83 percent drop in net profit due to slowing EV sales. Kosdaq-listed EcoPro BM aims to transfer its listing to the Kospi.
EcoPro will invest $77.5 million in a public foundation for cultural and artistic education, which is set to be finalized in March.
Korea JoongAng Daily Sitemap
