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Battery Cells & Materials

LG Energy Solution, Samsung SDI, and SK On are Korea's Big 3 battery makers with a combined 25%+ global market share. Amid intensifying price and technology competition with Chinese players CATL and BYD, investment is expanding in next-gen technologies including solid-state, LFP, and dry electrode. IRA tax credits are a critical variable for North American plant profitability.

Updated: 2/25/202612-24 months

Investment Confidence

Confidence Index83%
LowMediumHigh

Theme Analysis

Key Drivers

  • Global EV sales growing 25%+ annually
  • IRA tax credits improving North American plant profitability
  • Solid-state battery pilot line operations
  • ESS (Energy Storage System) demand surge

Risk Factors

  • CATL/BYD price competition intensifying
  • IRA policy change/reduction risk
  • Raw material (lithium, nickel, cobalt) price volatility
  • EV demand slowdown reducing utilization rates

Catalysts

  • Samsung SDI solid-state battery sample shipment
  • LG Energy GM Ultium plant normal operation
  • IRA tax credit extension confirmation

Related Investment Ideas

1
006400.KSHigh

Samsung SDI — Solid-State Battery Leader, Premium Strategy

Leading solid-state battery technology development. Focused on premium OEM supply including BMW and GM, differentiating from CATL/BYD through technology. Solid-state battery pilot line operational, targeting 2027 mass production. ESS business also in high growth. IRA tax credits improving U.S. factory profitability.

Comments

Created: 2/25/2026Updated: 2/25/2026
Related Assets
LG Energy Solution
Direct Exposure
Relevance 95%
Samsung SDI
Direct Exposure
Relevance 92%
SK Innovation
Direct Exposure
Relevance 82%
CATL
Competitor
Relevance 88%
Quick Stats
Confidence83%
Investment Period12-24 months
Investment Ideas1
Parent Theme
Mega Theme
EV & Battery Value Chain
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