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Both firms completed their first China electric vehicle battery plants in October 2015, each banking that hundreds of millions of dollars in investment would pay off. LG Chem’s plant in Nanjing, for example, was the size of three soccer fields, opening with much fanfare and government officials from both nations in attendance. LG Chem declared it was aiming to become the world’s No. 1 maker. But the MIIT list was published the next month and subsidies for a type of bus battery mainly produced by the South Koreans were halted in January 2016 black cufflinks shirt uk online.
That effective shutting out of the South Koreans from the Chinese market underscores broader concerns with Beijing’s trade and industrial policy at the heart of the trade war with Washington. “China used subsidies to block the entry of Korean competitors, which gave Chinese rivals time to catch up with the technology,” said Koo Hoe-jin, director of the Korea Battery Industry Association black cufflinks shirt uk online. MIIT did not respond to a request for comment on its EV battery strategy. Pain has also come with a near 140 percent surge in prices for cobalt, a key raw material for automotive batteries, since 2016. The jump has prompted a reworking of contracts to link raw material prices to battery prices, LG Chem and Samsung SDI said..
In contrast, Chinese rivals have suffered far less as China accounts for half of the world’s cobalt smelting capacity and has been increasing its clout in the global cobalt supply chain. That has helped CATL grow to be on par with long-time industry leader Panasonic black cufflinks shirt uk online. It is now also seizing contracts as automakers diversify their suppliers, including one with BMW (BMWG.DE) which is a major Samsung SDI client. CATL and Warren Buffet-backed BYD together commanded a third of the global market in the year to end-October, up from 18.2 percent in 2015, according to SNE Research. LG Chem and Samsung SDI’s combined share has risen less than a percentage point to 9.6 percent..
(Graphic: Market shares of global EV battery makers interactive – tmsnrt.rs/2Qfxw8k). Unlike Panasonic, the South Koreans are unable to rely on a captive customer. The country’s main automaker, Hyundai Motor Co (005380.KS), has bet more on hydrogen-fueled cars than battery-powered electric vehicles black cufflinks shirt uk online. “The Koreans are sandwiched between Japanese and Chinese rivals. The Koreans are in an obscure position,” said Park Chul Wan, a professor at Seojeong University. (This story was refiled to fix Samsung executive’s surname to Son from Sohn in paragraph 5)..
(Reuters) – The U.S. Treasury said it will lift sanctions on the core empire of Russian businessman Oleg Deripaska, including aluminum giant Rusal and its parent En+, watering down the toughest penalties imposed since Moscow’s 2014 annexation of Crimea. London aluminum prices sank to a 16-month low after the U.S black cufflinks shirt uk online. Treasury’s announcement, while shares in Rusal, the world’s largest aluminum producer after China’s Hongqiao, surged to an eight-month high. In April, the U.S. Treasury imposed sanctions on Deripaska, Rusal, En+ and other companies in which he owns stakes, citing “malign activities” by Russia, prompting turmoil in global aluminum markets..