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Shares in South Korean battery makers LG Chem Ltd. and SK Innovation Co plunged Tuesday after Volkswagen announced plans to produce its electric vehicle batteries and gradually switch from pouch-type batteries to a new "unified" prismatic battery cell in 2023.
The German carmaker plans to build six battery factories in Europe with a total capacity of 240 gigawatt-hours by 2030.
The shares of LG Chem, whose battery-making division LG Energy Solution Ltd. supplies Volkswagen, plummeted 7.76 percent to 891,000 won, its largest daily loss this year, while SK Innovation plunged 5.69 percent to 215,000 won.
LG Chem and SK Innovation produce pouch-type batteries.
Samsung SDI Co., which supplies prismatic cells to Volkswagen, remained slightly edged down 0.87 percent to 680,000 won.
Volkswagen's plans are expected to affect the South Korean battery makers' attempt for European expansion.
Kim Jung-hwan, an analyst at Korea Investment & Securities, sees the Korean battery makers' shares in Volkswagen's EVs declining from 2025.
