Korea’s large businesses are vying to grab a bigger share of the battery market for electric and hybrid cars, which is expected to grow exponentially. Three big firms – a chemicals firm, a display maker and a refinery business – are expanding their lithium-ion battery businesses, seeking to create new income sources to offset the slow growth of their traditional businesses.
A lithium-ion battery is a type of rechargeable battery currently used in portable electronics such as laptops, but they are increasingly being used to power electric or hybrid cars.
Most electric and hybrid vehicles currently in use are powered by nickel-metal hydride batteries, but these traditional batteries are losing ground to lithium-ion batteries, which are more compact, more powerful and allow longer driving distances.
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