Some of Asia’s biggest battery makers are jeopardising their access to sufficient raw materials by holding back on direct investments in producers in Australia that supply them.
Industry insiders told the Financial Times that more deals need to be signed in order for South Korean companies — including LG Energy Solution, SK On and Samsung SDI — to secure supplies of minerals to make electric-vehicle batteries, including graphite, lithium, nickel and cobalt.
“We are not seeing anywhere near enough deals being completed,” said Ross Gregory, executive director of electric vehicle consultancy New Electric Partners and chair of the Australian Chamber of Commerce in Korea. “It’s inevitable that the Korean cell makers need to invest more to secure supply.”